Baring Asset Management is to launch two new funds investing in China. The Baring China Select fund will be a Dublin-based Oeic while the Baring China Growth fund will be an open-ended UK fund. The two funds will be launched by May 2008, subject to regulatory approval.
Both funds will be managed by William Fong and Agnes Deng, and aim to capitalise on the long-term economic growth story in China. The Hong Kong-based managers also run the Baring Hong Kong China fund, established in 1982.
The funds will invest across the ‘greater China’ markets of Hong Kong, China and Taiwan, and can also invest in Singapore, where Fong says there are many companies that benefit from trade links with China. Their reference index will be the MSCI Zhong Hua (an aggregate of the MSCI Hong Kong index and the MSCI China Free index).
The Dublin fund will apply for UK distributor status but at launch will offer dollar and euro share classes. Minimum investment will be $5,000 or €5,000, with top-ups of $500 or equivalent. There is an initial charge of 5% and a 1.5% annual management charge, with commission available by negotiation.
Subject to confirmation, the fund will be available on the Royal Skandia and Friends Provident International platforms.
The onshore fund will have minimum investment of £5,000 and will be available in an Isa. Charges will be the same as for the offshore fund, and it will be available on the Skandia, FundsNetwork and Cofunds platforms.
Commenting on the launch, co-manager William Fong said: “Despite recent market turmoil, we believe China and its related markets will continue to be strong drivers of global growth and highly resilient economies. In our opinion, the sell-off has created many attractive investment opportunities. With our experienced, locally based, team we expect to deliver strong returns for our investors.”
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