Dannel Low, CFA

Jason Yu, CFA, our CEO for Hong Kong, was invited to speak on a panel of global asset managers at the 2025 HSBC China Investor Wealth Summit in Shenzhen, during which he shared Schroders’ view that short-dated bonds will likely outperform amid Trump’s policy and market pressure, and emphasised investment portfolios need to be actively managed given the uncertainty. Valuations in European bonds are relatively more attractive than those of the US. We favour issuers with improved profitability that can benefit from a high interest-rate environment such as those in the financial services and banking industry, Jason said. Within the Chinese market, we continue to prefer certain bond issuers that lead in the internet and consumer sectors, he continued. Despite recent strong performance, we maintain a positive view on gold, seeing it as a valuable diversifier in an environment of changing geopolitics, risk-averse investor sentiment, policy volatility and debate on the Fed’s independence, Jason added. For more investment views and insights from Schroders, visit: https://okt.to/EiRyUD #GlobalInvestment #SchrodersInsights #Schroders

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UBP - Union Bancaire Privée Hong Kong hires Greater China trio from BOS and Citi. https://lnkd.in/gUV2aGZW The Swiss private bank has recruited a team head and two relationship managers as Hong Kong boss Teresa Lee continues to grow her army of bankers. #ubp #privatebank #peoplemoves #hongkong #asia

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Singapore's sovereign wealth fund GIC ($800bn AUM) says it. Norges Bank Investment Management ($1.5trn AUM) said it earlier this year. I am sure many more asset owners have the same discussion at their investment committee meetings: 𝗙𝗮𝗶𝗹𝗲𝗱 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝘄𝗶𝗹𝗹 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗲 𝗽𝗲𝗿𝗺𝗮𝗻𝗲𝗻𝘁 𝗹𝗼𝘀𝘀𝗲𝘀 𝗼𝗳 𝗰𝗮𝗽𝗶𝘁𝗮𝗹. The fiduciary consequence of that is that such investors need to find 'cheap' hedges against failed transition. And to be clear, that has nothing to do with being 'green' or 'ESG' or similarly, it's a trivial conclusion from portfolio theory. We (Anthropocene Fixed Income Institute) argue that 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐥𝐢𝐧𝐤𝐞𝐫𝐬 - government bonds with coupon levels tied to achieving transition - may be the most consequential, effective, and frankly cheapest way for universal asset owners to either reduce risk of downside scenarios crystallizing, or failing that, to mitigate losses in those downside scenarios. h/t Gabrielle See 谢欣冕 Eco-Business https://lnkd.in/gh2W886S

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A forward-looking conversation on Singapore’s equities market took center stage at the BofA Singapore EES Client Roundtable 2025. 🔥   Earlier this week, BofA Securities hosted the Singapore EES Client Roundtable 2025, convening an evening of discussion amongst the institutional trading community. A key highlight was the fireside chat between our Head of Equities, Yao Loong Ng and Michael Bok, Head of Trading, Asia at Schroders.   The conversation offered a grounded yet forward-looking view of Singapore’s capital markets, advocating for a more collaborative ecosystem to attract high-quality listings and encourage greater market vibrancy.   Retail investors featured prominently in the dialogue. Their growing influence is reshaping market dynamics, and SGX is responding with initiatives aimed at improving accessibility — such as partnerships with intermediaries, digital dissemination of research reports through the GEMS grant, and efforts to upgrade the remisier profession.   Momentum in the small- and mid-caps continues to build, supported by six consecutive months of net institutional purchasing. In July alone, liquidity of the segment nearly doubled, largely driven by retail participation.    The session underscored a shared commitment to advance Singapore’s equities market, thanks to BofA Securities and all participants for the engaging exchange! #SGXSecurities #Equities #Partnerships Bank of America Business

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The Monetary Authority of Singapore (MAS) appointed on July 21 the first batch of fund managers under its $5 billion Equity Market Development Programme (EQDP): Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management. The announcement came earlier than expected, says Maybank Securities’ head of research Thilan Wickramasinghe, and two of the three appointees — Avanda and Fullerton — are linked to Singaporean state-owned investors GIC and Temasek. In a July 21 note, Wickramasinghe says this shows a whole-of-government commitment towards reform. “These appointees also signal a focus on raising market liquidity, especially for small- and mid-caps.” #investing #markets #SGX #equities #MAS #maybank

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With the 32nd CITIC CLSA Investors’ Forum moments away, Shaun Cochran, Head of Research at #CLSA on Bloomberg TV today provided his views on China’s stock rally driven by two key drivers: cheap valuations and the rapid rise of DeepSeek — underscoring China’s growing role as a fundamental player in global tech. Building on the AI theme, Shaun highlighted a recent report from CLSA “Tokens Tale” containing a framework projection for AI compute. Today, AI models consume one quadrillion tokens each month. Our analyst projects that could rise to 80 quadrillion a month driving both huge opportunities and volatility in AI stocks. With GPUs expected to deliver 27x efficiency gains and smarter algorithms reducing token use, the AI journey is only just beginning. AI is a key theme at the 32nd CITIC CLSA Investors’ Forum. Catch Shaun’s full insights on Bloomberg TV: https://lnkd.in/gfmhNR82 #CLSANews #CLSAInsights #CITICCLSAForums #CITICCLSAInvestorsForum #CITICCLSAIF25

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We are proud to have supported CITIC Securities International Capital Management, Eastfort Asset Management, GF Global Capital and Huatai International Financial Holdings Company Limited with their first cross-currency repurchase agreements (repo) using Northbound Bond Connect holdings as collateral. We have also helped our clients to reuse the bond collaterals during the repo period. We support the Hong Kong Monetary Authority (HKMA)’s efforts to improve the market-based mechanism for offshore RMB liquidity management, fostering investor participation. These enhancements follow the HKMA's introduction of allowing Northbound Bond Connect participants to use eligible onshore bonds as collateral to conduct RMB repo business in February this year. CLSA GF Securities (Hong Kong) Learn more about our Renminbi capabilities: https://lnkd.in/gc26UTJN

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💡 Particularly interesting signpost to see this post coming from Tim Evans (CEO of HSBC Vietnam) as he is running the largest international custodian service in the Vietnamese market. 💡 Whenever the market is actually about to upgrade, Tim will be getting a very early heads up... Background: ➡️ The Vietnamese stock market is today strangely enough still classified as a Frontier market (despite being the most liquid stock market in entire Southeast Asia) ➡️ The Vietnamese stock market is completely dominating the frontier market index (constituting 30-40% of total) - it's so outsized that funds investing in general frontier market exposure often basically becomes Vietnam funds in practice ➡️ A lot of painful ground work in terms of upgrading stock exchange trading system, establishing central clearing and revamping a long range of local regulations and laws are behind us ➡️ The local political momentum behind getting this done is now higher than ever and FTSE (likely the first index operator to upgrade Vietnam) is frequenting the country ➡️ Difficult to try time these things and at Endurance Capital Group we are not trying to (as we invest on a ~5 year horizon in each of our holdings), but whenever the upgrades from FTSE and MSCI come, very significant emerging market capital flows are forced to include Vietnam in their buying. Vietnam's structural under-valuations are set to continue to correct when this happens. ➡️ FTSE's next decision point is coming up in Sep - let's watch! Johan De Geer Minh Tran Derek Au, CPA, CA Peter Leimdörfer Sara Lindell Peter Seligson Huong Nguyen, CFA Thomas Nguyen #markets #emergingmarkets #upgrade #vietnam

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Our Deputy CIO and Head of Fixed Income, Angus Hui was on the panel, "China’s Bond Market Opening-Up Over 20 years” at China Central Depository & Clearing's China Bond Market International Investors Event. Angus provided an overview of China’s bond market development, the growth of the offshore bond space (CNH) – contrasting the dynamics with previous cycles, and discussed the factors leading to the rising appeal of China’s onshore government bonds in providing diversification benefits. He also expanded on Fullerton Fund Management's investment journey in these markets, and the reasons underpinning his constructive outlook on China fixed income. #fixedincome #China #opportunities #diversification #yield Mingyu Qu Samuel Gan Boon-Hiong Chan

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