Baring Asset Management has launched three funds domiciled in Hong Kong as part of a strategy to gather renminbi assets as the currency becomes increasingly used in international trade.
The firm says the fund range is the first in a series.
The three funds are the Baring Global Multi Asset Income Fund; Baring European Equity Income Fund; and Baring Greater China Equity Fund.
Gerry Ng, chief executive officer, Asia ex-Japan, at Barings, says: “The launch of our first three locally domiciled funds is an important step forward for Barings in the expansion of our already extensive product range in Hong Kong.”
He adds that to meet the “increasing demand” for renminbi-denominated investment products, Barings has also introduced a renminbi-hedged class for all three funds.
This will provide investors with the additional option of achieving capital growth through the gradual internationalisation of the Chinese currency as well as enable them to potentially diversify risks in their investments due to exchange rate fluctuations, Ng says.
It also offers investors an avenue to seize opportunities stemming from the mutual recognition platform between Hong Kong and mainland China.
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