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Alternative Market Briefing

Cerulli survey finds that Asian institutions are moving back to hedge funds and other alternatives

Tuesday, March 13, 2012

Beverly Chandler, Opalesque London: The latest Cerulli Associates’ report, entitled "Asian Institutions Allocate to More Risky Mandates as Asset Levels and Confidence Rise", finds that Asian institutions are making actively managed vehicles, foreign mandates, and global debt portfolios the beneficiaries of a new appetite for riskier assets.

Cerulli finds that as the 2008-2009 crisis gets behind the Asian institutional investment community, the funds are slowly beginning to allocate to more risky mandates. The research firm says: "The trend demonstrates a growing confidence among institutional investors in the region to put their excess capital to work. Sovereign wealth funds, pensions, and central banks are among the institutions showing changes in portfolios".

Looking back to the 2008-2009 crisis, Cerulli reported at the time that there was a trend across Asian sovereign wealth funds to prefer passive over active management. They now find that this preference has faded, and been replaced with a new commitment to active management. However, Cerulli reports, some investors still prefer passive investment in certain asset classes, notably debt and, in some cases commodities.

Another phenomenon during the crisis was that pension funds interrupted outsourcing for foreign allocations, preferring domestic investments, managed in-house or with local fund providers. Cerulli says:......................

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