Large China-based fund managers are setting up shop in Hong Kong for the first time, seeking to fill Chinese investors' appetite for U.S. dollar-based products and international exposure after the country reopened its borders.
The foray by China-based funds into Hong Kong kicked off last year as China lifted years of COVID-19 lockdowns, and as high net worth Chinese families were finally able to travel and diversify investments in their hunt for stronger returns.
Most of them are rapidly building offshore sales and research teams and preparing for the launch of their first U.S. dollar funds. As mainland-based funds are yuan denominated, fund managers need to set up in Hong Kong to be able to offer foreign currency products. The fund, which has delivered annualised returns of 21% since 2017, has launched a fund offshore with a long-bias equity strategy, mostly for Ren Bridge’s existing clients, including corporates and family offices, with funds abroad.
"We are optimistic about Hong Kong as the global asset management hub. Through offshore funds we hope to expand the investment scope, explore hedging strategies, while learning from excellent overseas peers," Xue told Reuters.
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