Janus Capital Group, one of the top US asset managers by assets under management, plans to set up a branch in Taipei in the next quarter, attracted by strong demand for investment products among Taiwanese, a Hong Kong-based executive said yesterday.
“Not only is Taiwan important in our expansion plans in Greater China, it has also been a vibrant market in terms of retail fund sales,” Janus Capital Asia sales director Bruce Chen (陳遠成) told a media briefing in Taipei.
As of June, Janus managed about US$152.4 billion in assets for more than 4 million clients and institutions around the world.
It provides growth and risk-managed investment strategies and manages equity, fixed income, money market and balanced mutual funds.
“The company used to focus on the home market, but has become more active in expanding its presence overseas in recent years,” Chen said.
Janus is waiting for regulatory approval from the Financial Supervisory Commission for its office in Taiwan, which will likely be located in Taipei 101, Chen said.
Outside the US, Janus has offices in London, Milan, Tokyo, Hong Kong, Melbourne and Singapore.
With more than 1,100 employees globally, Janus will first maintain four staff members in Taipei and expand later, if necessary, Chen said.
The firm has been cautious about tapping the Chinese market, where regulatory restrictions constrain expansion and profitability has proved elusive for existing peers, Chen said.
Director of US equity strategies Nicholas Thompson said US bond funds are overvalued as investors take shelter in assets with a fixed income amid global economic uncertainty.
The trend has left many US equities undervalued, Thompson said.
He said he expects the US Federal Reserve to introduce a third round of quantitative easing next month or in October, with the pace of US recovery to shape its scope.
“The stronger the recovery, the smaller the size of QE3 [a third round of quantitative easing],” Thompson said.