Danish investment group Sparinvest, is set to launch a remnimbi money market fund with one of China’s largest investment banks, Haitong Securities.
This is the first fund launch from the partnership since the companies announced plans for joint-product offerings in Europe and Asia in September last year.
The Sparinvest-Haitong Money Market RMB fund, will be launched in August this year and will be managed by Haitong International. It will invest in renminbi and short-dated bonds issued in the currency, within a Ucits IV structure.
‘What we are trying to do is to grow our business outside of Europe in a cost conscious way. By doing this, we can benefit from the local knowledge of Haitong and they can benefit from our local knowledge,’ Per Noesgaard, CEO at Sparinvest, told Citywire Global on Thursday.
Sparinvest already has a similar partnership with the American asset manager Brandes Investment Partners for its equity product range which was established three years ago.
The plan to partner with Haitong International, which overseas just under HK$10 billion (€1 billion) in assets, comes at a time when other asset managers, such as Edinburgh-based Standard Life Investments and Tokyo-based SuMi Trust, have formed alliances to grow in a cost-effective way.