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2021 Year in Review: The asset management
Asset Management
2021 Year in Review
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The asset management industry responded to a second year of the Covid pandemic with further consolidation and a great focus on sustainability.
JANUARY
Aviva Investors appoints new chief executive Aviva Investors has promoted Mark Versey as chief executive officer for the London-headquartered asset manager, effective immediately.
Versey, who previously served as chief investments officer of real assets for the asset management arm of Aviva for just under three years, will report to Amanda Blanc, CEO of the Aviva Group.
Greenwashing risks rise as green bond issuances soar Aegon Asset Management has warned investors that the threat of greenwashing is rising as the number of green bonds issued soars.
The asset manager said the demand for green bonds, which raise money for climate and environmental projects, reached new heights with $226 billion (£165 billion) worth of issuance last year, up from $38 billion in 2015.
FEBRUARY
BNP Paribas AM names deputy CEO BNP Paribas’ asset management business has named Sandro Pierri as deputy CEO, effective from January 1.
In this newly-created role, he is based in London and reports to Frédéric Janbon, CEO of BNP Paribas Asset Management.
HSBC announces aggressive expansion in Asia HSBC will “stop trying to be everything to everyone” and instead capitalise on the advantages that it has, while continuing its aggressive redundancy strategy, stated Noel Quinn, chief exec of the bank.
Quinn said: “Global Banking and Market (GB&M) will retain the capacity to serve clients globally but we will invest in the markets that set us apart whilst also moving the heart of the business to Asia, including leadership.”
MARCH
Amundi launches technology arm for smaller firms French asset management giant Amundi has launched a technology business to offer smaller fund managers low-cost, cloud-based access to the full range of front-to-back office solutions and services such as outsourced dealing and back office outsourcing.
Amundi said the new service, called Alto, is aimed at all firms involved in savings, asset management and asset servicing, and has been launched now because smaller firms are struggling to keep pace with technology innovation.
State Street offers Fund Connect ETF to all issuers State Street has made its Fund Connect ETF platform open to support all exchange-traded fund (ETF) issuers, regardless of their service provider.
Nadine Chakar, head of State Street’s global markets business, said: “With connectivity to so many ETF sponsors and authorised participants, Fund Connect ETF is well positioned to make the workflow even more automated and efficient, accelerating the creation and redemption process.”
APRIL
Sourcing liquidity is top challenge for traders - JP Morgan Sourcing liquidity is the main problem facing equities traders despite their access to liquidity having improved over the past year, a report has concluded.
Some 27.9% of respondents to JP Morgan’s 2021 Equities Execution Survey said that liquidity availability was their main challenge, ahead of regulatory changes (16.4%) and the imposition of best execution requirements (12.3%).
MAY
Almost a half of investors back green bonds - NN IP Nearly a half of investors think green bonds are the most effective debt product for delivering environmental objectives, according to a new study from NN Investment Partners.
The Dutch ESG specialist published the results of a survey of 230 institutional investors that found some 45% of respondents believe green bonds are the most effective fixed income instrument for promoting sustainable environmental practices.
JUNE
BlackRock wins British Airways pensions contract BlackRock has landed a mandate from British Airways Pensions to serve as the outsourced chief investment officer for £21.5 billion worth of assets.
In a statement on June 2, the asset manager said the agreement encompassed assets under management for Airways Pension Scheme (APS) and New Airways Pension Schemes (NAPS).
Climate change has the potential to raise GDP – Pictet Climate change has the potential to raise gross domestic product (GDP) across the world in the next 10 years, according to Pictet Wealth Management.
Christophe Donay, head of asset allocation and macro research at Pictet Wealth Management commented: “When you internalise externalities, you create friction which is inflationary pressure. This is why we consider that climate change is on the one hand a potential stimulus in terms of real GDP growth, especially for Europe and China.”
Market has ‘priced out’ Covid for 2022 - BlueBay BlueBay Asset Management is optimistic about growth for the second half of the year, stating that the market has largely priced out the pandemic.
David Riley, Chief Investment Strategist at BlueBay Asset Management, said: “Part of the reason why we are also quite positive about the outlook going into 2022 is because we think the fiscal policy will remain very supportive. And fiscal policy has been absolutely crucial to limiting the scarring from the pandemic in economic terms and also supporting the recovery.”
JULY
Hedge funds more confident in one year outlook - report Hedge funds are becoming more confident as the world emerges from lockdown, with US alternative investors the most bullish about their prospects over the next year, a new report has found.
Trade body the Alternative Investment Management Association published the latest instalment of the AIMA Hedge Fund Confidence Index, reflecting an improving 12 month outlook among the 300 hedge funds polled.
AUGUST
PGIM Investments names ex-Goldman exec as head of Asia PGIM Investments has named exGoldman Sachs executive Jessica Jones as managing director, head of Asia, effective immediately.
In the newly created role, she is responsible for expanding the firm’s business into Asia whilst building teams in Hong Kong and Singapore to support sales and distribution efforts.
Goldman Sachs to acquire NN Investment Partners Goldman Sachs has entered into an agreement to acquire NN Investment Partners (NN IP) from NN Group for €1.6 billion (£1.2 billion).
The transaction, yet to receive regulatory approval, is expected to close by the end of March next year.
SEPTEMBER
Nordea to establish ESG hub in Singapore Nordea Asset Management has said it will establish an environmental, social and governance (ESG) hub in Singapore.
The firm said the new hub will give it the ability to be closer to clients in the Asia Pacific (APAC) region to better understand how companies in the region are being more sustainable.
OCTOBER
Robeco deputy Karin Van Baardwijk to become CEO Robeco has said its deputy CEO Karin van Baardwijk will become the Dutch asset manager’s next chief executive in January.
Van Baardwijk will replace Gilbert Van Hassel who has served as chief executive since 2016 and is moving next year to a senior role at Robeco’s owner ORIX.
Investors to boost exposure to private assets - Schroders Investors want to increase their holdings in private assets and reduce their exposure to the listed markets in a bid to diversify their portfolios after COVID, Schroders has said.
The British asset manager published the results of its annual institutional investor survey and found that demand for private assets is a dominant theme.
NOVEMBER
JP Morgan AM outsources middle office to custody arm JP Morgan Asset Management (JPMAM) has selected JP Morgan’s securities services arm, which sits within the bank’s corporate & investment bank division, to provide the full range of middle office services.
Fred Crosnier, global head of operations at JPMAM, said: “We reviewed a number of alternative strategic operating models and after extensive due diligence selected JP Morgan.”
DECEMBER
Fidelity Digital Assets lands UK regulatory approval The UK’s Financial Conduct Authority (FCA) has awarded Fidelity Digital Assets regulatory approval for its custody and trade execution business.
With this registration, the firm can continue to offer its platform for securing, trading and supporting digital assets on a permanent basis. Prior to the approval, Fidelity Digital Assets was listed as a temporary member in the UK.
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