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In the first half of last year, Christina Oyong found it difficult to persuade clients to exit cash and money market funds. However, by mid-year, many investment products have begun to transition to enhanced income products, and the next step could be a move to other assets, such as yield-oriented bonds or growth-oriented equities. She said it was expensive. Financial Services Agency In an exclusive interview.
Au-Yeung’s role as Head of Investment Management Services (IMS) and Executive Director of Morgan Stanley Private Wealth Management Asia (PWM Asia) is focused on managing ultra-high net worth individuals through both discretionary and advisory portfolio management solutions. is to meet the needs of our customers. It involves countless meetings with clients and fund managers, as well as coordinating his team of 18 colleagues.
IMS is responsible for the creation, development, marketing and distribution of managed solutions and advisory portfolio services.
Based in Hong Kong, Au-Yeung’s primary mission is to identify customers’ risk appetite and onboard funds that meet their requirements. Customers fear her three major risks: concentration, performance, and headlines..
take appropriate risks
“That’s why we encourage further diversification away from their home bias, provide regular performance data and fund reviews, and enable our relationship managers to identify key factors that may impact their portfolio. We make sure they are well-informed about the latest news,” said Au-Yeung.caught in the photo).
There are no fund quotas or funding targets, and selection is made from an open architecture framework with a high-conviction shelf of approximately 180 funds, covering all asset classes from traditional mutual funds to alternative funds such as hedge funds. It’s covered. Private equity, evergreen or semi-liquid, and structured product obligations.
“Typically, we offer three or four funds for major asset classes, such as investment-grade bonds, and one or two funds for more niche asset classes. Providing too many fund options would show a lack of conviction,” Oyong said.
She seeks a robust investment process, a clear strategy, and the delivery of strong and consistent risk-adjusted returns that meet her client’s objectives, and uses both quantitative and qualitative measures to make the final selection. We are inputting independent data that will help us with the screening process before doing so. ”
“Due diligence is carried out not only on fund and product investments, but also on operational and legal factors,” he said.
Au-Yeung is legally trained and holds degrees in anthropology and law from the London School of Economics and Political Science. Christina began her career as a marketing executive at Tiburon Partners in London, before she joined Morgan Stanley PWM Asia in 2018, where she served as Vice President at J. Safra Sarasin Bank in Hong Kong. I did.
Still, Auyon still makes time for outdoor activities like powerlifting and drifting (essentially skidding at high speeds and competing in rear-wheel drive supercars) when he can. She understands risk and its management and appreciates agility.
“Structured products that use leverage and derivatives to deliver positive asymmetric returns are popular, and we offer our clients portfolios made up of several products that can increase return potential and reduce risk through diversification. Yes, we can,” Oh Yong said.
“These products are often highly complex, making due diligence and monitoring particularly important.”
“Customers often actively trade funds in a similar way to trading individual stocks. There is usually little to no tax due on profits.Indeed, our specialists It is incumbent upon us to be agile and point out opportunities for profit-taking and switching,” Oyong said.
investment strategy
A clear understanding of the macroeconomic environment is essential to determining the appropriate investment strategy, and Auyong relies on Morgan Stanley’s global research resources.
Morgan Stanley expects the Federal Reserve to cut interest rates by 100 basis points in the second half of this year, as tight US monetary policy has been successful in inducing disinflation. The bank said it expects the dollar to remain flat, the S&P 500 to end the year at about $4,500, and the 10-year Treasury yield to be around 3.95%.
“The U.S. and developed markets around the world are generally reliable and secure sources of income and offer options for companies with strong balance sheets,” Oh Yong said. But “the broader market is likely to end the year more or less the way it is currently trading, so finding alpha opportunities is especially important.”
“There are significant alpha opportunities in certain sectors,” Au-Yeung says. While AI and biohealthcare are already popular themes with significant growth potential, she points to sectors such as energy, materials and infrastructure that should thrive as business and capital investment cycles move forward. .
Oyong also supports Japan as a “top candidate” as corporate governance is rapidly improving for the benefit of shareholders.
Among emerging market stocks, Brazil, India and Mexico have particularly benefited from outsourcing, Auyon said.
On bonds, on the other hand, “if the yields on investment-grade bonds are so high, there’s no need to move down the credit curve,” he said. However, structured products based on a variety of underlying stock markets can generate improved returns,” she added.
Among hedge funds, Auyon favors uncorrelated strategies such as relative value macro strategies and low net worth long/short strategies. In the private market, she sees good opportunities in private lending and evergreen (or semi-liquid) vehicles.
When it comes to China, Auyong is more optimistic than other fund pickers and strategists. He believes that wealthy individuals may take the lead in increasing their allocation to domestic stock markets.
“Wealth management clients may be the first to move back into Chinese stocks before institutional investors. Valuations are low, even for new technology innovators and companies that are ramping up semiconductor manufacturing.” she said.
“Our clients in Asia Pacific have become more global in their outlook and investment horizon over the past six years. They are recognizing the benefits of diversification and the limitations of home bias.”
In the future, Auyong expects obligations such as discretionary or advisory portfolio management, or segregated accounts, to grow as part of banks’ businesses.
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