Martin Currie has launched a Luxembourg mirror of its US mutual fund, China Fund Inc. It will be a sub-fund of its Luxembourg-domiciled Sicav, Martin Currie Global Funds.
According to the Edinburgh-based investment manager, the US dollar-denominated Greater China Fund has already attracted initial funding of US$60m. The money has come from a range of institutions, family offices and financial advisers.
"We have been re-positioning ourselves for some time now as a specialist, non-index investment manager - what we call a 'big boutique'," said Ross Leckie, director of communications at Martin Currie.
"China is the biggest growth story in the world," he added. "The opening of the Asian markets is very exciting."
Managed by Martin Currie's six-strong China team, headed by Chris Ruffle in Shanghai, the fund's portfolio will reflect that of China Fund Inc, which currently holds $270m in assets under management. According to State Street, the US mutual fund has returned 19.6% (annualised) over the three years to 31 August 2003 and 56.9% over the 12 months to 31 August 2003.
The minimum investment is US$5,000, with a management fee of 1.5%.
Over the next two months, Martin Currie intends to launch three more sub-funds of its Sicav - UK Growth, International Growth and pan-European - and will also launch a new yen-denominated share class within its existing Japan Fund.
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