The HK$13.6 billion $1.7 billion Hong Kong Housing Society has just restructured how it invests its assets, boosting its commitment to long-term portfolios and revamping its management team to favour specialist mandates.
It got fed up with relying exclusively on balanced fund managers for its medium- and long-term investments, particularly because they tended to underperform in the recent bear markets. So it fired Allianz Dresdner Asset Management, Baring Asset Management, Citigroup Asset Management and JF Asset Management, and has now begun working with a new crop.
The shake-up began late last year when it hired three fixed-income managers to run its medium-term global bond portfolios, says...
