UOBAM joins hands with T. Rowe Price to offer investment opportunities in technology
23 March 2017
Category: News, Asia, Global, USA
By Asia Asset Management
In order to offer retail investors in Singapore the opportunity to tap the long-term growth prospects arising from technology and innovation, UOB Asset Management Ltd (UOBAM) has partnered US-based T. Rowe Price International Ltd (T. Rowe Price).
UOBAM will invest in T. Rowe Price’s global technology equity strategy through its United Global Technology Fund (UGTF) under the agreement. In Singapore, this is the first time retail investors will be able to invest in T. Rowe Price’s highly-rated technology portfolio. Between February 2007 and February 2017, the strategy has seen annualised returns of 15.39% versus the benchmark MSCI All Country World Index Information Technology’s 9.08% over the same period.
Thio Boon Kiat, CEO, UOBAM, comments: “The role of technology has grown exponentially over the past decades to become an essential part of global economies and industries. I am pleased to bring on board T. Rowe Price, an accomplished partner with extensive experience in investing in the technology sector. Our collaboration brings together the complementary strengths of UOBAM’s in-depth knowledge and expertise of Asian investment markets with T. Rowe Price’s investment expertise in technology equities. This enables our clients to participate in and benefit from the growth of technology companies and technology trends.”
Through the UGTF, UOBAM’s retail clients may achieve long-term capital appreciation by investing in well-known global technology stocks with disruptive business models such as Netflix and Alibaba. They would also be able to invest in companies, such as Tesla, that are at the forefront of using artificial intelligence, machine learning and cloud computing to grow their business.
Scott Keller, head of Asia Pacific global investment services at T. Rowe Price, remarks: “We are delighted to be partnering UOB to provide clients an opportunity to invest in our Global Technology Equity Strategy. Through this, clients will gain access to a truly global portfolio of technology companies that have been selected by our dedicated technology research analysts and experienced investment team.”
T. Rowe Price has been managing dedicated technology portfolios since 2000; as of December 31 last year, the strategy had US$5.6 billion in AUM.