Institutional investors are becoming increasingly selective about initial public offerings from Asia following a string of poorly performing deals, over which they have been unable to exert much pricing influence.
One such fund manager is Damien Brosnan, the former UBS Asian equity syndicate head who jumped over to the buy-side a year ago, becoming a portfolio manager for Maven Investment Partners.
The primary markets have become challenging over the past few months, he told FinanceAsia. It's, therefore, critical to be actively engaged across more deals to get a good handle on which ones are working and which ones aren't.
He sees little...