Daily Dispatches: Asia no saviour for hedge funds

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It’s getting more difficult for Western professionals to move into Asian banking and now it seems the same is true in the hedge-fund sector. In fact, it’s tough enough for those who are already there. Managers, traders and analysts at hedge funds in Asia are quitting as assets have failed to recover after the 2008 global financial crisis, and trading losses have left a majority of funds unable to collect performance fees.

Nomura axes (Reuters)

Nomura has been clearing out senior staff. In 2008 it had 105 top managers, now it has 71.

Banker sex trial (Straits Times)

Swiss national Juerg Buergin, 51, a former UBS executive, is among 51 men charged last year with having commercial sex with a minor in an online vice-ring case in Singapore. He will go on trial in March on two charges of paying $600 and $650 for the sexual services of a 17-year-old girl in 2010 and 2011 respectively.

China cuts (Bloomberg)

Pay at US investment banks in China has fallen 60% since 2010.

IPOs under control (Finance Asia)

Despite fears that China’s IPO is bursting at the seams, most of the listing hopefuls are smaller companies with modest fundraising plans.

Big bailout (Sydney Morning Herald)

Australia’s so-called Committed Liquidity Facility, which comes into play in 2015, is in effect a permanent bailout facility for the country’s banks.

Chinese fund rebounds (WSJ)

China Investment Corp, the country's main sovereign wealth fund, earned a 10.65% return on its overseas investments last year.

Panel parting (Bloomberg)

UBS and JPMorgan Chase & Co are withdrawing from a panel that sets Australia’s benchmark swap rate, and Citigroup is reducing its role in Malaysia amid increased scrutiny following the global rate-rigging scandal.

Bankers jailed (FT)

An Afghan court gave jail terms on Tuesday to 20 convicted in a multi-million dollar bank fraud case seen as a test of Afghanistan’s commitment to fighting corruption.

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