Old Mutual Global Investors (OMGI) said it is awarding management of its $71.5 million Old Mutual China Equity fund to Hong Kong firm Ping An Asset Management.
The fund was previously managed by China equity specialist Diamond Lee, who left OMGI in August 2016, almost two years after joining the firm.
Since Lee’s departure, the fund was managed by OMGI’s Asian equities team which is headed by Joshua Crabb.
Going forward the fund will be managed by Ping An’s senior portfolio managers, Vincent Che and Eddie Lau, who have combined experience of over 22 years in investment management.
OMGI said there will be no change to the fund’s objective or policy and believes this is a significant coup for investors in the fund, who are set to benefit from Ping An Asset Management’s wealth of experience.
‘With Chinese economic fundamentals continuing to look positive and plenty of opportunities for stock selectors to find undervalued investments, now is certainly an opportune time for us to take over management of the Old Mutual China Equity fund,’ added Chi Kit Chai, head of capital markets and chief investment officer of Ping An Asset Management.
The fund invests in portfolio of equity securities issued by companies with either assets in, or revenues derived from China, Hong Kong and Taiwan.
Data from Citywire Discovery showed that as of 28 February, the fund saw total one year returns of 36.4% and three year returns of 39.1%.