The FSA Spy market buzz 24 07 2015

By FSA Spy

Added 24th July 2015

Imminent changes at Bank of Singapore fund selection team, exits from Fidelity Hong Kong and NNIP Singapore, new advert campaigns for Pictet in Hong Kong and UBS in Singapore and more...

The FSA Spy market buzz 24 07 2015

Spy has been keeping a keen eye on the world of Asian asset management and, ear firmly pressed to the ground, knows there is always something going on. Spy, along with half the industry, has known for a while that Chandrima Das has decided to step down (again) from her fund selection role at Bank of Singapore. Spy understands that a new appointment is imminent and final interviews are being conducted. Watch this space for news of her replacement.  Meanwhile, Ajay Saratchandran is confirmed in his move to Standard Chartered Bank from Manulife in Hong Kong. He has taken up a role in their discretionary fund management unit. There goes Spy’s theory that he was taking the Bank of Singapore role…

Fidelity in Hong Kong seems to be short of marketeers at the moment. Barbara Wong, formerly of Barings, has left her head of marketing role recently and so too have some her of support staff, such as Judy Lo. Spy has been assured someone will be appointed soon to replace them.

Chia Chia Ch’ng who has been in charge of sales at NN Investment Partners (formerly ING Investment Management), is leaving the firm at the end of the month. She is joining another asset management business in Singapore, but which one? Even the Spy doesn’t know…yet.

Spy does know, however, that UBS's Asia head of insurance propostions, which includes wealth managment insurance, left the buisness this past week.

Despite a few attempts to get confirmation from Schroders about Grace Ho’s resignation, as reported last week, nothing has been forthcoming. Spy strongly suggests, therefore, that the rumour must be true and will believe that until news emerges to refute it. Over to you, Mr DeBruyn…

During a brief pause from the pounding rain in Hong Kong, Spy noticed a new campaign for Pictet on the sides of busses.  Sightings of ads on buses in Hong Kong are common, and Amundi is another that opted for the display on the ubiquitous transport.


UBS GAM has been spotted by Spy with a large advert in the underpass connecting One Raffles Quay and Raffles Place in Singapore. The advert is promoting the UBS European Growth and Income Fund. Maybank and DBS are mentioned as distribution partners.



In Singapore, Aegon’s specialist wealth insurance manager, TransAmerica,  has decided that their sponsorship of Zach Johnson, recent British Open golf winner, was too good an opportunity to miss and is singing about it in the Straits Times.  It is the first time the Spy has seen TA in print advertising, and the Spy sees a lot. Curious that the ad was placed right below a story of admiration about the late father of Singapore.


Spy notes with interest this morning that Japanese media giant, Nikkei, has acquired the Financial Times from Pearson. We look forward to reading the rebranded and revamped “Lex-san” column once the deal is complete and hopefully this will increase coverage of Asian markets in due course.

Aberdeen’s results yesterday confirm the rumours that Spy has heard swirling in the markets for months about the challenges emerging market specialists have been facing to retain assets. £10 billion in net outflows combined with a £13bn drop in the market value of retained assets, in just three months, has to hurt a little. 

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