Ricard told AsianInvestor.net that the fund industry in Asia is experiencing a dramatic change that is expected to see Asian fund managers expand their capabilities to transcend regional boundaries, incentivize regulators and sign bilateral agreements.
OCBC NISP president director Parwati Surjaudaja said on Tuesday that the financing firm would most likely be either a bank or an automotive financing firm that lends for heavyweight equipment, cars and motorcycles.
The Asian prime brokerage units of Credit Suisse and Bank of America Corp gained market share in the last one year when Goldman Sachs and Morgan Stanley, the top-two industry players, lost hedge fund clients and assets, a survey showed.
Tyndall Investment Management New Zealand has dumped its boutique New York-based fixed interest portfolio manager in favour of Goldman Sachs, citing in part fears about the quality of European bond issuance.
Japanese investors will likely be among those attracted by the weaker currency, which this week tumbled below parity against the greenback, said Anne Anderson, head of fixed income for Asia Pacific at UBS Global Asset Management.
Art HK advisory board member Philip Dodd, the former director of the Institute of Contemporary Arts London, said the growth of private museums was symbolic of the shift in economic power from West to East.
Until now, they have been diversifying a certain percentage of their dollar reserves into euros buy buying EUR/USD. Now, the process is reversed.
The acquisition, which is subject to regulatory approvals in Hong Kong, will be paid for by a combination of up to 1.75 million shares and cash over two years.
The China Securities Regulatory Commission (CSRC) is considering a proposal to lower the bar for obtaining a licence that allows foreigners to buy securities in the country, said two industry sources with knowledge of the regulatory agency's thinking