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AA-rated Schroders manager stripped of China mandate

AA-rated Schroders manager stripped of China mandate

Danske Invest is to remove Citywire AA-rated manager Louisa Lo from its China equity fund and hand the mandate to Allianz Global Investors, the asset manager has announced.

The move will see Christina Chung, who is head of Greater China equity at the German group, assume responsibility for the Danske Invest China fund from October 17.

In a press statement, Danske said the move would tap into Chung and her team’s local knowledge as well as their fluency in Mandarin, which will allow it to unearth domestic investment opportunities.

Lo runs the Danske Invest China fund, which is Luxembourg-domiciled, since 2003, as well as the Danish-domiciled version of the fund, Danske Invest Kina. The fund was formerly focused on Greater China before a name change in 2013.

Her replacement, Chung, who is Citywire + rated, is a named manager on four China and Hong Kong-focused funds at the German asset manager. These include the Allianz China, Allianz Hong Kong and Allianz China Equity funds.

Commenting on the appointment, Malene Bason, who selects mandated managers, said: ‘Christina Chung and her team are very focused on risk, which – particularly in a country like China – is a key aspect of selecting equities.

‘Her team consists of analysts who each focus on the macro, sector or company level and all speak Mandarin – an important skill when meeting Chinese business leaders to assess both return potential and risk.’

Lo, despite being removed from the fund, continues to run several strategies at Schroders. These include the Schroder ISF China Opportunities, Schroder ISF Emerging Asia, Schroder ISF Greater China and Schroder ISF Taiwanese Equity funds.

Over the past three years, the Danske Invest Kina fund returned 17.2% in US dollar terms, while the Danske Invest Greater China returned 14.7% over the same period to the end of September 2016. This compares to a 17.5% rise by the funds’ Citywire-assigned benchmark, the MSCI Golden Dragon TR USD.

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