Hong Kong Strikes Back: Billion-Dollar Insurers Face Pressure to Pull Capital Out of Singapore
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At the center of this capital tug-of-war is AIA's Singapore-based unit, AIA Investment Management Private Ltd., which managed $139 billion at the end of 2024. The VCC structure gave it an operational edge, allowing AIA to shift global equities and private equity strategies south while keeping pensions anchored in Hong Kong. Insiders say high-level investment principles still come from Hong Kong, but it's the Singapore team that selects funds and talks to managers. The HKIA, invoking a guideline known as GL14, has begun examining whether ultimate mandate control remains in the cityand has privately discouraged at least one insurer from moving assets into Singapore's structures.
There's no law forcing insurers to run portfolios from Hong Kong. But the HKIA has made its message clear: asset concentration overseas could raise red flags, especially if capital can't move easily in a crisis. Meanwhile, Singapore's Monetary Authority has defended the city-state's growth, attributing it to global demand and operational flexibility, not jurisdiction shopping. Still, with Hong Kong's regional HQ count dropping from 1,457 to 1,410 between 2021 and 2024, and Singapore gaining momentum, the pressure may be just beginning.
This article first appeared on GuruFocus.
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Percentage of GAM Fund AuM Outperforming Benchmark 3 years 3 years 5 years 5 years Business Area Asset Class 30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024 Specialist Active Fixed income 85% 84% 85% 86% Specialist Active Equity 45% 1% 51% 79% Alternatives Alternatives 96% 96% 91% 97%Total 73% 64% 74% 89% % of AuM in funds outperforming their benchmark (excluding mandates and segregated accounts). Three- and five-year investment performance based on applicable AuM of CHF 5.6 billion and CHF 5.6 billion, respectively. Certain strategies were reclassified from Specialist Active to Alternatives. As a result, the investment performance for both categories have been amended GAM has also delivered strong investment performance compared to our peer group with 55% of Investment Management AuM outperforming their three-year Morningstar peer group and 76% outperforming their five-year Morningstar peer group, as at 30 June 2025. Percentage of GAM Fund AuM Outperforming Morningstar Peer Group 3 years 3 years 5 years 5 years Business Area Asset Class 30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024 Specialist Active Fixed income 10% 19% 19% 14% Specialist Active Equity 37% 20% 61% 89% Alternatives Alternatives 14% 99% 100% 99%Total 55% 66% 76% 82% . Assets Under Management Total AuM were CHF 12.7 billion as at 30 June 2025, compared to CHF 16.3 billion as at 31 December 2024. Outflows have primarily been driven by changes in the European Equity investment team and the change to Swiss Re in respect of GAM's Cat Bond funds. (CHF Bn) Business Area Opening AuM 1 Jan 2025 Net flows Disposal (2) Market/FX movements Closing AuM 30 June 2025 Specialist Active (1) 11.1 (0.9) - - 10.2 Alternatives (1) 4.3 (2.1) (0.4) (0.2) 1.6 Wealth Management 0.9 - - - 0.9 Total 16.3 (3.0) (0.4) (0.2) 12.7 (1) Certain strategies were reclassified from Specialist Active to Alternatives. As a result, the opening AuM as of 1 January 2025 was restated with CHF 3.8 billion transferred from Specialist Active to Alternatives. (2) In the first half of 2025, a strategic review of our funds resulted in the disposal of selected alternative funds. These results reflect the strength of GAM's investment platform and the value of its specialist partnerships. With a sharpened focus and renewed momentum, GAM is well-positioned to grow assets under management and deliver consistent performance for information Half year report Investor presentation Investor workbook GAM corporate calendar Investor Relations Magdalena Czyzowska T +44 (0) 207 917 2508 Media Relations Colin Bennett T +44 (0) 207 393 8544 Visit us: us: X and LinkedIn About GAM GAM is an independent investment manager that is listed in Switzerland. It is an active, independent global asset manager that delivers distinctive and differentiated investment solutions for its clients across its Investment and Wealth Management Businesses. Its purpose is to protect and enhance its clients' financial future. It attracts and empowers the brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 12.7 billion as of 30 June 2025. GAM has global distribution with offices in 15 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit Other Important Information This release contains or may contain statements that constitute forward-looking statements. Words such as 'anticipate', 'believe', 'expect', "estimate", "aim", 'project', 'forecast', "risk", 'likely', 'intend', 'outlook', 'should', 'could', "would", 'may', 'might', "will", "continue", "plan", "probability", "indicative", "seek", 'target', 'plan' and other similar expressions are intended to or may identify forward-looking statements. Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith. This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction. Attachments GAM Holding AG announces first half 2025 results-EN-Adhoc GAM Holding AG gibt Ergebnisse des ersten Halbjahres 2025 bekannt_DE
