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Hong Kong eases market sounding rules for listed securities Hong Kong’s Securities and Futures Commission (SFC) has revised its guidelines on market sounding practices, softening certain requirements after receiving feedback from hedge funds and banks, according to a report by Bloomberg. The report cites a statement released by the SFC on Thursday as confirming that the updated regulations, which are set to take effect on 2 May, 2025, address concerns about the scope of confidential information and types of securities involved. Initially proposed in October 2023, the SFC’s draft guidelines had drawn criticism from the hedge fund industry and other market participants. Regulators worldwide have been seeking to clarify rules on confidential information sharing that occurs before market-moving deals are announced. Market sounding practices allow banks and issuers to gauge demand and set pricing ahead of public transactions. The new guidelines come amid an ongoing insider trading investigation involving hedge fund Segantii Capital Management Originally, the SFC’s proposal covered all non-public information, all securities, and applied broadly to licensed brokers and investors. The revised guidelines, however, are more targeted, applying only to confidential information entrusted by a client, issuer, or existing shareholder involved in secondary market transactions. The updated rules now focus specifically on listed shares and other securities that could significantly impact the price of listed shares, although the SFC also noted that it may expand the guidelines in the future if broader coverage becomes necessary. #IPO #hongkong #equities #securities

Jain Global adds JPMorgan credit trader as PM Jain Global, the multi-strategy hedge fund firm launched earlier this year by former Millennium Management Co-Chief Investment Officer Bobby Jain, has hired Vik Shah a bank-credit trader from JPMorganChase as a portfolio manager, according to a report by Bloomberg. The report cites unnamed sources familiar with the matter as revealing that Shah, who holds the position of Co-Head of European Financials Credit Trading at JPMorgan, will leave the bank in the coming weeks and is to take up his new role at the hedge fund later this year. Jain Global, which launched on 1 July with $5.3bn in commitments having originally targeted between $8bn and $10bn, lost a combined 1.2% in it first two months of trading. #peoplemoves #credit #hedgefund #assetmanagement

Hedge funds using Singapore dollar for US election wagers 🇸🇬 The Singapore dollar is gaining traction as a favoured currency trade for hedge funds and other option investors eyeing the upcoming US presidential election, according to a report by Bloomberg citing data from the Depository Trust & Clearing Corporation (DTCC). Demand for one-month call options on the US dollar (betting on gains against the Singapore dollar) has surged, with the premium near its highest level since May 2023, according to the DTCC’s data which shows that all currency trades close to or exceeding $100m on the USD/SGD pair this week have focused on call options, with expirations extending into late January 2025. Unlike many central banks, which typically steer their economies by adjusting interest rates, the Monetary Authority of Singapore (MAS) uses the Singapore dollar’s nominal effective exchange rate, pegged to a currency basket of its key trading partners. This approach makes the Singapore dollar attractive for macroeconomic speculators, particularly for those seeing a Trump victory as a potential catalyst for the US dollar’s rise against Asian currencies. The report quotes Mukund Daga, Barclays head of FX options for Asia, as saying: “The consensus seems to be that a Trump victory could strengthen the dollar broadly, but especially against Asian currencies.” And, according to Daga, hedge funds have been actively purchasing Singapore dollar call options with expirations within the next three months. Additionally, traders are preparing for potential gains in the US dollar against other currencies like the euro and yuan, which could be impacted by renewed tariff measures if Trump secures another term. #equities #election #singapore

Japan’s Mizuho has announced the appointment of a co-head of banking for Asia Pacific Mizuho Bank has appointed Joris Dierckx as co-head of banking, APAC, according to a statement. In the role, he will cover the regional banking business for non-Japanese clients, excluding China, jointly with Yasuhiro Kubota. Dierckx has more than 25 years of experience in APAC and Europe. Prior to his latest role, he worked at BNP Paribas since 2010, most recently as head of corporate and institutional banking for Southeast Asia and CEO of the Singapore branch. Previously, he also served as the French bank’s country head of Greece, South Korea and India. “Joris has a wealth of experience in APAC countries, and I am looking forward to him leveraging his strong leadership to expand our presence here,” commented APAC CEO Koichi Zaiki. #jobs #investmentbanking #singapore

Contracting jobs in high demand in Hong Kong Interim hires, who don’t need fringe benefits, are favoured amidst corporate belt-tightening. Contract work in Hong Kong, once culturally taboo, is gaining momentum amidst rising demand for talent and flexible employment terms. Market uncertainty and corporate belt-tightening have led companies to favour temporary hires to mitigate risk and remain financially stable. Contractors have also proven to be ideal for short-term projects that demand quick hiring. “There is a greater need for good contract talent in Hong Kong,” Matthew Sullivan, a senior manager at Robert Walters Hong Kong’s Financial Services, told Hong Kong Business. “Unlike permanent workers, contractors don’t need an extensive benefit package. However, the cost of hiring a contractor can sometimes outweigh the cost of hiring somebody permanent.” Hiring managers can also bypass the process for headcount approval, which could take months, letting them fast-track recruitment, he added. Moreover, some people look for flexible work that they can leave after a year without being judged for it, Sullivan said. Hong Kong is experiencing major shifts in finance and technology that have led to high demand for contractors due to the temporary nature of project work, he added. A survey by Robert Walters in July found that 62% of employers planned to hire contractors this year, whilst 51% started recruiting last year. Technology companies were the most active hirers of these workers at 27%, followed by finance and human resources at 14% each. Hong Kong’s seasonally adjusted unemployment rate stood at 3% in May to July 2024, same as that in April to June, according to the Census and Statistics Department. Hong Kong recruitment firm Hays said there is demand for a more agile and highly skilled workforce that can deliver specific improvements amidst rapid changes across industries, advances in technology and the need for employers to adapt to evolving market conditions. “[The] increasing demand to hire contractors in Hong Kong has resulted in a decrease in the availability of some interim hires and the supply of certain skills,” Matt Hayes, a senior director at Hays, said. He said contract work gives professionals a chance to quickly develop new skills and gain experience, whilst engaging with cutting-edge technologies in their chosen industry. “Uncertainty in global economic conditions have resulted in the reluctance of employers to take on fixed costs such as large volumes of new permanent hires,” Hayes said. “Contractors can offer a more flexible resource from a budgetary perspective. [They] are also increasingly viewed as a viable alternative to traditional external consulting resources.” Hong Kong employers have turned to temporary staffing solutions for their talent needs, whilst being able to cut costs and expedite the hiring process. #jobs #marketnews #hongkong #contracting

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Vantage Point makes Trump bet with US dollar and Japan stock wagers 🇸🇬 Vantage Point Asset Management is increasing its stakes in Japanese equities and the US dollar, anticipating that a Donald Trump victory in the upcoming US presidential election will boost global growth and keep inflation elevated, according to a report by Bloomberg. According to Nick Ferres the $1.5bn Singapore-based firm’s Chief Investment Officer, higher Treasury yields would mean a stronger dollar, and a weaker yen, a combination that typically favours Japan’s export-driven economy. Ferres cites strong voter registrations, favourable betting odds, and key market indicators, including rising bond yields and a stronger dollar, as all pointing to a Trump victory. Treasury yields on 10-year US government bonds have risen by 39 basis points this year, while the Bloomberg dollar index is up by 4%. The yen has dropped 7.8% against the dollar in 2023, and Japan’s Topix stock index has gained 13%. Vantage Point has allocated 15% of its flagship Asia fund to Japanese stocks and another 15% to the dollar-yen exchange rate, with plans to build on both positions, according to Ferres, who predicts the yen could decline further, potentially breaching 160 yen to the dollar and even reaching 200. Vantage Point’s flagship fund has posted a 20% return this year on a gross, unaudited basis, outpacing the MSCI Emerging Markets Index by about 50% over the last three years. Ferres believes Japan’s industrial production correlations position its equities to gain from global economic momentum, which he sees as likely under Trump’s policies. “Japan has the highest beta to industrial production among major markets, aside from Korea,” he noted. “A Trump win would amplify the gains, but Japanese stocks wouldn’t suffer under a Harris win either.” Ferres downplayed concerns over Trump’s stance on China, suggesting tariffs would likely be a negotiation tool rather than a strict policy stance, leaving room for potential cooperation and growth across Asia. #hedgefund #trump #assetmanagement

Global macro hedge fund White Elk secures Hong Kong Investment Management licence 🇭🇰 White Elk Partners, the global macro hedge fund firm founded by Carl Radford and Michael Rothlin , has marked its one-year anniversary by securing a licence to operate as a registered Investment Manager in Hong Kong. White Elk Partners offers a diverse mix of relative value and macro directional trading styles, designed to deliver returns to HNW, family office, and institutional investors across all market conditions. The firm, managing AUM across its flagship Alpha Fund and SMA strategies, delivered a 12.87% return during the first year of trading to 30 September 2024. Its global macro relative value strategy targets uncorrelated returns in the mid-teens and is designed as a lower volatility diversifier to equities. White Elk Executive Anthony Bathurst said the approval of its investment management licence by the Securities and Futures Commission in Hong Kong marks a significant milestone for the firm. “With our investment management licence in place, we can now fully activate the strategic operating model we have built with tier-one partners over the past year,” he said. “Establishing a robust and scalable model to support our underlying investment strategy under the White Elk label has been a key priority as we continue to grow the business.” The firm has developed a purpose-built institutional grade investment management model which is underpinned by partnerships with best of breed global firms including Goldman Sachs, J.P. Morgan, BNP Paribas, PwC, Ogier, and Mayer Brown. White Elk Partners expects the formal granting of its investment management licence to drive substantial increase in its AUM, with plans to embark on a significant capital raise in the vicinity of $500 million. #aum #hedgefund #assetmanagement #hongkong

Citi's global family office South Asia head leaves for Goldman Sachs Jonathan Gan a former head of the family office group, South Asia, for Citi in Singapore, has moved to work as executive director, alternative capital markets group, at Goldman Sachs. Gan worked at Citi from July 2021 until October this year; he shared his move to Goldman Sachs on his personal LinkedIin page. Prior to Citigroup, Gan was an MD at HSBC from 2012 to 2021, working in Southeast Asia investment banking coverage; before that, he worked for just under a year at Oppenheimer & Co. Inc. in Hong Kong. #jobs #alternativeinvestments #singapore

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