Tuesday, 5 May 2015
Last updated 12 hours ago
Apr 15 2011 | 12:41pm ET
China’s Da Cheng International Asset Management will launch up to five new products in 2011, including two hedge funds for which it hopes to raise US$40 million.
The firm aims to grow its assets to about HK$10 billion in three to five years from its current total of less than HK$1 billion. It also expects to double its staff to 30, chief executive Doris Lian told Reuters.
Da Cheng International Asset Management is the offshore arm of China’s seventh-largest money manager, Dacheng Fund Management. It began operations in Hong Kong in 2009 with the launch of several exchange-traded funds. It currently offers four products, including a Greater China absolute return hedge fund launched last year.
"Launching ETFs is Da Cheng's unique strategy to venture into the overseas market, because you need two to three years to build a track record for an actively-managed fund in Hong Kong, but we don't want to wait that long," said Lian.
Da Cheng will target both retail and institutional investors in Hong Kong.
The firm also intends to add to its offerings under the Qualified Domestic Institutional Investor Scheme, which sends Chinese money overseas.
"In the international market, Chinese asset managers face challenges, including little brand recognition, a different set of game rules and limited sales networks," Lian said.
"But our long-term vision is to become a channel for cross-border investment."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…