UOB Asset attracts over S$1bil from Asian investors for two China funds

KUALA LUMPUR: UOB Asset Management (UOBAM) has attracted over S$1 billion (RM3.08 billion) in assets under management (AUM) from individual investors across Asia for two of its China-focused funds.

This comes on the back of the successful 10-year old joint venture between UOBAM and Ping An Trust Co Ltd's Ping An Fund Management Company (Ping An FMC).

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.

UOBAM said As at April 29, the United China-A Shares Innovation Fund had achieved returns of 143.13 per cent since its inception in August 2019 and an annualised 67.7 per cent, 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 per cent since its inception in August 2020.

UOBM chief executive officer and Ping An FMC director Thio Boon Kiat said its joint venture with Ping An Trust dated back to 2011 when it expanded into China, through the seting up of Ping An FMC, to capitalise on China's long-term economic and financial market growth potential. 

Thio said since UOBAM obtained the company's RQFII licence in 2015, it had been tapping Ping An FMC's local expertise to offer investors outside China direct access to the country's onshore investment opportunities.

"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 S$1 billion AUM mark. 

As at the end of 2020, Ping An FMC had more than 110 million customers with assets under management totalling more than RMB600 billion. 

Over the years, Ping An FMC has been ranked consistently among the top 15 fund management companies in China by China Galaxy Securities based on investment returns of actively-managed equities.