Ping An Asset Management will take over managing the $71.5 million Old Mutual China Equity Fund as part of an outsourcing deal.
Since 2016, the fund has been managed by Old Mutual Global Investors (OMGI), which is undergoing a number of changes due to a restructuring of its ownership.
Warren Tonkinson, managing director of OMGI, said “this is a significant coup for investors in the fund, who are set to benefit from the [Ping An] team’s wealth of experience.”
In September 2017, Old Mutual Wealth said it would split OMGI into two parts, multi-asset and single strategy. The multi-asset business will stay within Old Mutual Wealth and change its name to Quilter Investors. The single strategy team has been bought out by the team’s management and funds managed by TA Associates, a private equity firm.
The full name of the new manager is Ping An of China Asset Management (Hong Kong), which is a division of Ping An Insurance, based in Shenzhen.
©2018 funds global asia