UOB Asset Management (UOBAM) has attracted over $1 billion in assets under management (AUM) from individual investors across Asia for two of its China-focused funds.
This comes on the back of strong performance from Ping An Fund Management Company (Ping An FMC), the 10-year joint venture between UOBAM and Ping An Trust.
Ping An FMC, which was established in 2011, is the investment adviser of the two UOBAM funds, the United China-A Shares Innovation Fund and the United China-A Shares Consumption Upgrade Fund.
As at April 29, the United China-A Shares Innovation Fund achieved returns of 143.13% since its inception in August 2019 and an annualised 67.7%, outperforming major indices such as the CSI300 Index and MSCI China A Shares Index.
The United China-A Shares Consumption Upgrade Fund achieved returns of 32.71% since its inception in August 2020.
The funds, according to UOBAM, are riding on the global megatrends of technology, innovation and quality consumption in China, which is home to many high-growth companies across various sectors.
As at end-2020, Ping An FMC has over 110 million customers with AUM totalling over RMB600 billion ($123.21 billion).
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“At UOBAM, we partner best-in-class investment managers and combine our expertise and experience for the benefit of our investors. Our joint venture with Ping An Trust dates back to 2011 when we expanded into China, through the setup of Ping An FMC, to capitalise on China’s long-term economic and financial market growth potential. Since UOBAM obtained our RQFII licence in 2015, we have been tapping Ping An FMC’s local expertise to offer investors outside China direct access to the country’s onshore investment opportunities,” says Thio Boon Kiat, CEO of UOBAM and director of Ping An FMC.
“We are extremely proud of the success of Ping An FMC and are pleased with the United China A-Shares Innovation Fund and the United China-A Shares Consumption Upgrade Fund crossing the $1 billion AUM mark. This symbolises a milestone in our ongoing strategic partnership with Ping An FMC. We will continue to help more individual and institutional investors across the region access Ping An FMC’s expertise and resources in China for more investment opportunities in the country,” he adds.
Luo Chunfeng, chairman and CEO of Ping An FMC, says, “As more Chinese companies emerge and expand their presence on the global stage, they present a wealth of investment opportunities in global asset allocation. At Ping An FMC, we are committed to identifying quality and high- growth companies as part of our approach to long-term and value investing, so as to create sustainable returns for our investors. We are honoured to work with UOBAM to provide foreign investors with investment opportunities in China’s A-share market and will continue to offer more and better solutions.”
