Singapore’s UOB Asset Management says its two China funds advised by a unit of Ping An Insurance (Group) Co of China have crossed the S$1 billion (US$750 million) assets under management mark, describing it as a “milestone” in their decade-long partnership.
The United China-A Shares Innovation Fund and the United China-A Shares Consumption Upgrade Fund were both launched over the last two years: the former in August 2019 and the latter a year later.
The Singapore asset manager notes in a statement that the growth of the two funds comes on the back of its 2011 joint venture with the Ping An Insurance unit, Ping An Trust Co Ltd., to form Ping An Fund Management Company, the funds’ adviser.
According to UOB Asset Management Chief Executive Officer Thio Boon Kiat, the company is able to capitalise on China’s “long-term economic and financial market growth potential” through the partnership.
“We are extremely proud of the success of Ping An Fund Management Company and are pleased with the funds crossing the S$1 billion AUM mark. This symbolises a milestone in our ongoing strategic partnership with Ping An Trust,” Thio says in the April 4 statement.
Ping An Trust holds a 68.19% stake in the joint venture, the Singapore firm has 17.51%, and the balance is held by China’s Sanya Yingwan Tourism Co Ltd.
UOB Asset Management had S$37.7 billion of assets under management as of end-March 2021 and Ping An Fund Management Company had 600 billion RMB ($92.68 billion) of assets at the end of 2020.