Man Wing Chung, the fund manager of HSBC's £38.8m frAA-rated Hong Kong Growth Fund and the £29.3m fr...
Man Wing Chung, the fund manager of HSBC's £38.8m frAA-rated Hong Kong Growth Fund and the £29.3m frA-rated Asian Fund, has left the group, writes Robert Stock.
Wing Chung, who has managed Hong Kong Growth since 1996 and the Asian Fund since last year, is to be replaced on a caretaker basis by Sam Lau, who joined HSBC's Hong Kong-based Far East desk in May this year after six years with Invesco.
Rob Fisher, head of campaign marketing at HSBC, said regional chief investment officer Dave Stuart would be overseeing Lau's work in the equities team and was reviewing the permanent fund management structure including determining the long-term future of the fund.
Standard & Poor's head of research James Tew said the situation was under review and that the current ratings for the funds may be changed.
Wing Chung also managed the offshore GIF Asian Opportunities, GIF Asian Equity and the GIF Hong Kong Equity funds which Lau will now head.
The Hong Kong Growth Fund is ranked 18 out of 35 funds on its 12-month to 23 August, offer to bid, returns of 21.6% and 24 of 28 funds on its three-year negative returns of 14%. The Asian fund is ranked 66 out of 79 funds on its one-year performance with offer to bid returns of 7.4% and 51 out of 76 funds on its three-year negative returns of 16.1%.
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