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.