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Business Times
32 minutes ago
- Business Times
Asset manager IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court last Friday (Jul 11) and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'
Business Times
2 hours ago
- Business Times
Aberdeen extends Clint deemed interest to 6%
OVER the five trading sessions from Jul 11 to 17, institutions were net buyers of Singapore stocks, with net institutional inflow of S$113 million adding to the S$94 million net inflow for the preceding five sessions. This further reduces the net institutional outflow for the 2025 year through to Jul 17 to S$1.65 billion. Institutional flows Over the five trading sessions through to Jul 17, the stocks that saw the highest net institutional inflow included Singtel , Keppel , City Developments Ltd , Singapore Airlines , Seatrium , Sembcorp Industries , OCBC , Frasers Hospitality Trust , CapitaLand Ascendas Reit , and Singapore Exchange . Meanwhile, DBS , UOB , NTT DC Reit, PSC Corporation , CapitaLand Integrated Commercial Trust , Mapletree Industrial Trust , Yangzijiang Shipbuilding , ComfortDelGro , CapitaLand Investment , and Mapletree Logistics Trust led the net institutional outflow over the five sessions. From a sector perspective, industrials and telecommunications booked the highest net institutional inflow, while financial services and materials & resources saw the most net institutional outflow for the five sessions. Industrials and telecommunications have also led the net institutional inflow for the year to Jul 17, while financial services has led the net outflow. CapitaLand India Trust On Jul 15, an acquisition of just over 2.5 million units of CapitaLand India Trust (Clint) at S$1.126 apiece increased the deemed interest of Aberdeen Group from 5.96 per cent to 6.15 per cent. This followed the group emerging as a substantial unitholder of Clint with its deemed interest crossing above the 5 per cent threshold on Jun 30. Clint is a Singapore-listed business trust that owns and manages income-generating real estate in India, including IT parks, industrial facilities, and logistics assets. Its portfolio spans major Indian cities such as Bangalore, Hyderabad, Chennai, Pune, and Mumbai, with a strong focus on technology and software development sectors. The properties serve a wide range of tenants, including global and Indian companies such as Tata Consultancy Services, Infosys, Amazon, and Applied Materials. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The trust grows its portfolio through acquisitions, forward purchases, and developments, including IT parks and data centres. The manager of Clint also maintains a disciplined capital management strategy, with a significant portion of its debt on fixed rates. It distributes most of its income available for distribution and repatriates income regularly from India to Singapore. Clint's development pipeline includes future projects in Bangalore and Hyderabad. The trust benefits from India's resilient economy and rising demand for commercial real estate, especially in tech-driven sectors. For its FY2024 (ended Dec 31), Clint reported improved performance, with higher distributions and stronger income. The increase was driven by contributions from newly acquired properties, higher rental income from existing assets, and positive rent reversions. Clint is scheduled to report its H1 FY2025 results after the Jul 30 close. Share buybacks The five sessions through to Jul 17 saw eight primary-listed companies make buybacks with a total consideration of S$53.5 million. UOB led the consideration tally, buying back one million of its shares at an average price of S$36.80. On its current buyback mandate, UOB has bought back 0.6 per cent of its outstanding shares as at Jul 17. DBS also bought back 350,000 shares at an average price of S$46.18 per share. Secondary-listed Hongkong Land Holdings also continued to conduct share repurchases, buying back 950,000 shares at an average price of US$6.27. Since Apr 24, the company has bought back US$121 million of its shares. Director transactions Over the five trading sessions leading up to Jul 17, a total of 55 director interests and substantial shareholdings were filed. Across more than 25 primary-listed stocks, directors or CEOs reported five acquisitions and no disposals, while substantial shareholders recorded eight acquisitions and six disposals. This included director or CEO acquisitions in Asian Pay Television Trust (APTT), Stamford Land Corporation , Aims Apac Reit and Singapore Shipping Corporation . Both share buybacks and director filings were fewer than the usual quota, as the local market nears a busy few weeks of financial reporting. Singapore Shipping Corporation On Jul 9, Singapore Shipping executive chairman Ow Chio Kiat acquired 2.5 million shares at an average price of S$0.275 apiece. This increased his total interest from 43.77 per cent to 44.39 per cent. The married deal was a significant step-up in pace compared to the 161,100 shares at the same price between Jul 3 and Jul 8. Ow has been gradually increasing the interest from 42.97 per cent in May 2024. For its FY2025 (ended Mar 31), Singapore Shipping achieved a net profit of US$11.4 million, which grew 24.6 per cent from FY2024. The group also maintains a net cash position of US$56.1 million and maintains that it ensures cash flow resilience with fixed-rate borrowings below prevailing deposit rates, insulating from rising interest rate risks. On the current industry outlook, Ow says that the global trade environment is becoming increasingly fragmented and uncertain due to rising tariffs, shifting geopolitical alliances, and new policy threats, such as potential US punitive fees on Chinese-built ships, which risk deeper economic dislocation. Despite these challenges, he notes that Singapore Shipping has remained steady, with its ship-owning segment delivering resilient earnings through long-term charters and the renewal of a five-year time charter for the mv Boheme with a blue-chip partner. Ow also adds that Singapore Shipping's agency and logistics business has swiftly adapted to the changing trade landscape, helping clients realign their supply chains and respond to new trading routes with greater confidence. Asian Pay Television Trust Between Jul 14 and 15, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT, acquired 417,100 units of the business trust for a consideration of S$38,230 at an average price of S$0.092 per unit. This increased his total interest from 1.25 per cent to 1.28 per cent. This followed his purchases of 400,000 units in June, 263,600 units in May and 319,400 units in April. APTT is Asia's first listed business trust focused on pay-TV and broadband. It invests in mature, cash-generative businesses in Taiwan, Hong Kong, Japan, and Singapore, aiming for operational ownership and control. Food Empire Holdings On Jul 15, independent director Adrian Chan exercised 105,000 share options at S$0.802 apiece. He is also head of corporate at the law firm, Lee & Lee, and has been in legal practice for over three decades. He was first appointed to the board of Food Empire Holdings in January 2022. This took his direct interest in the multinational food and beverage manufacturing and distribution group to 0.02 per cent. Food Empire owns proprietary brands such as MacCoffee, CafePHO, and Kracks, with MacCoffee leading in core markets through localised, innovative brand-building. In its Q1 FY2025 (ended Mar 31) business update, the group reported a 16.3 per cent increase in topline revenue from Q1 FY2024 to US$136.6 million. Food Empire has long identified Asia as a key growth region, with South-east Asia – led by Vietnam – now its largest revenue contributor, and recent investments including a coffee-mix facility in Kazakhstan set to complete by end-2025. On Jul 9, Food Empire announced that it will invest US$37 million to expand its coffee facility in India, boosting capacity by 60 per cent. The project, part of its vertical integration strategy, begins in Q4 2025 and completes by end-2027. The group remain cautiously optimistic about sustaining strong top-line growth, backed by brand building and market leadership. Its Asia-focused strategy and robust expansion pipeline positions it well for emerging market demand. At the same time, it maintains it continues to monitor macro risks – such as climate-driven coffee price volatility and trade tensions – and will adjust strategies to mitigate potential impacts. The group also remains confident that its strong brand equity will provide resilience against the direct impact of tariffs in the geographical segments where it operates. With a return on equity of 17.8 per cent, the stock's P/E ratio has increased from 7x to 17x this year, while average daily trading turnover at S$1.21 million in the 2025 year to Jul 17 has almost doubled the S$670,000 in 2024. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit


CNA
3 hours ago
- CNA
Hanoi scooter riders baulk at petrol-powered bikes ban
HANOI: Vietnam's plan to bar gas-guzzling motorbikes from central Hanoi may clear the air of the smog-smothered capital, but riders fear paying a high toll for the capital's green transition. "Of course everyone wants a better environment," said housewife Dang Thuy Hanh, baulking at the 80 million dong (US$3,000) her family would spend replacing their four scooters with electric alternatives. "But why give us the first burden without any proper preparation?" grumbled the 52-year-old. Hanoi's scooter traffic is a fixture of the city's urban buzz. The northern hub of nine million people has nearly seven million two-wheelers, hurtling around at rush hour in a morass of congestion. Their exhausts splutter emissions regularly spurring the city to the top of worldwide smog rankings in a country where pollution claims at least 70,000 lives a year, according to the World Health Organization. The government last weekend announced plans to block fossil-fuelled bikes from Hanoi's 31 sq km centre by next July. It will expand in stages to forbid all gas-fuelled vehicles in urban areas of the city in the next five years. Hanh - one of the 600,000 people living in the central embargo zone - said the looming cost of e-bikes has left her fretting over the loss of "a huge amount of savings". While she conceded e-bikes may help relieve pollution, she bemoaned the lack of public charging points near her home down a tiny alley in the heart of the city. "Why force residents to change while the city's infrastructure is not yet able to adapt to the new situation?" she asked. Many families in communist-run Vietnam own at least two motorcycles for daily commutes, school runs, work and leisure. Proposals to reform transport for environmental reasons often sparks allegations the burden of change is felt highest by the working class. London has since 2023 charged a toll for older, higher pollution-emitting vehicles. France's populist "Yellow Vest" protests starting in 2018 were in part sparked by allegations President Emmanuel Macron's "green tax" on fuel was unfair for the masses. 'COST TO HIGH' Hanoi authorities say they are considering alleviating the financial burden by offering subsidies of at least three million dong per switch to an e-bike, and also increasing public bus services. Food delivery driver Tran Van Tan, who rides his bike 40km every day from neighbouring Hung Yen province to downtown Hanoi, says he makes his living "on the road". "The cost of changing to an e-bike is simply too high," said the 45-year-old, employed through the delivery app Grab. "Those with a low income like us just cannot suddenly replace our bikes." Compared with a traditional two-wheeler, he also fears the battery life of e-bikes "won't meet the needs for long-distance travel". But citing air pollution as a major threat to human health, the environment and quality of life, deputy mayor Duong Duc Tuan earlier this week said "drastic measures are needed". In a recent report, Hanoi's environment and agriculture ministry said over half of the poisonous smog that blankets the city for much of the year comes from petrol and diesel vehicles. The World Bank puts the figure at 30 per cent, with factories and waste incineration also major culprits. Several European cities, such as Barcelona, Paris and Amsterdam have also limited the use of internal combustion engines on their streets - and other major Vietnamese cities are looking to follow suit. The southern business hub Ho Chi Minh City aims to gradually transition delivery and service motorbikes to electric over the next few years. But with the high costs, office worker Nguyen My Hoa thinks the capital's ban will not be enforceable. "Authorities will not be able to stop the huge amount of gasoline bikes from entering the inner districts," 42-year-old Hoa said.