Press Release Summary: According to a source, Ovetii has created a new position, based in Hong Kong, in order to cover sovereign wealth funds and central banks in the Asia region, a market that is predicted to be worth $5.1 trillion (€3.6 trillion) by 2012.
Press Release Body: Gregory Matthews, Senior Portfolio Manager at Ovetii reportedly said that the new role was part of the firm’s strategy to expand its institutional business in the region, and that the new recruit would be working closely with the company’s other divisions.
This addition to the company follows Ovetii’s growing interest in Asia and its emerging markets. A source revealed that Research conducted by Ovetii had recently revealed that Asian central banks had $3.1 trillion in foreign-reserve assets at the end of 2006, up more than three times from just $1 trillion in 2000.
In addition, Ovetii apparently predicts that, assuming flat or declining current-account surpluses in Japan and China, Asian reserve assets will grow to $5.1 trillion by 2012, with average annual investments of $321bn per year in global capital markets.
2012
