Old Mutual Global Investors (OMGI) has announced it is awarding the management of its $74.7m Old Mutual China Equity fund – formerly managed by Diamond Lee – to Hong Kong-based Ping An of China Asset Management.
The fund, which has been managed by OMGI’s Asian equities team since the departure of Lee in July 2016, will be outsourced on 23 March 2018.
Ping An Asset Management is a specialist China asset manager that OMGI believes is one of the most established investors in Chinese equities. The fund will be managed by its senior portfolio managers, Vincent Che and Eddie Lau, who have combined experience of over 22 years in investment management.
No mandate change
There will be no change to the fund’s objective or policy, OMGI said in a statement announcing the move.
Warren Tonkinson, managing director, OMGI called the move a “significant coup” for investors in the fund.
Chi Kit Chai, head of capital markets & chief investment officer, Ping An Asset Management, said: “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.
“We look forward to working with the team at OMGI and identifying long-term investment opportunities from across our unique and varied market.”