Our cover story, “Cutting cookies” by Cherie Marriott, looks at the value consultants add. Do they take a ‘cookie-cutter’ approach to advising plan sponsors about how to allocate assets and select fund managers, or is there a service that’s worth paying for?
Coverage of pensions and investments news continues apace. “MPF is not enough” explains itself as we look at what Hong Kong needs to do about its ageing population. We also explore how new accounting standards are impacting company pension schemes in “All together now”.
Is managing money in Singapore a trap, where fund managers struggle to expand beyond the original government mandates that lured them there? For most, yes, but not for all, as is explored in “Friends of Singapore”.
We revisit fund management in China as well, where local fund houses are learning to say ‘no’ to joint ventures with foreign partners, and where the National Council for Social Security Fund is establishing itself with the help of several partners. And we profile two young Americans actually working for Chinese fund management companies and having the time of their lives.
Nick Lord explores the merits of broker research, tainted though it may be, in “You get what you pay for”.
In our section devoted to alternative investments, Cherie Marriott explains the ins and outs of managed futures, while Richenda Evans-Freke finds out exactly how prepared are Hong Kong consumer banks to sell hedge funds to the mass retail market.
We have also compiled a special survey of the world of indexing, where we explain that while the uniformity on free-float adjustment may make indices appear all the same, in fact they are evolving all the time in a variety of ways, in “There is a difference”.
Other articles explore renewed prospects for a unified stock index in China, the growing importance of local bond indices, the possibility of Hong Kong allowing MPF investors to buy exchange-traded funds, and how S&P and the Hong Kong stock exchange plan to take on the mighty Tracker Fund.
Included in our survey is an extensive and exclusive guide to Asia regional equity and bond indices.
Last, in addition to our regular features on custody and the back office, we have provided a few photos from our recent and highly successful dinner to honour recipients of our 2002 Awards for Achievement.
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