Old Mutual Global Investors has awarded the management of its $74.7m (€60.7m) Old Mutual China Equity fund to Chinese asset manager Ping An.
The decision follows the departure of OMGI’s star manager Diamond Lee in July 2016, the fund has since been managed by the group’s Asian equities team.
It will now be taken over by Ping An’s senior portfolio managers, OMGI stressed that despite the outsourcing, the fund’s investment objective and policy will remain unchanged.
Chi Kit Chai, head of capital marketsand CIO at Ping An Asset Management comments on the agreement: “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.”
Warren Tonkinson, managing director at OMGI adds: “We’re delighted that Ping An Asset Management will be taking over management of the Old Mutual China Equity Fund. As one of the most established, specialist Chinese asset managers, we believe this is a significant coup for investors in the fund, who are set to benefit from the team’s wealth of experience.”