OMGI fund increases mainland China focus

Great wall of ChinaOld Mutual Global Investors (OMGI) is to change the name of its Old Mutual Greater China Equity Fund to focus more on mainland China equities. The fund, which has US$66.5 million (€60.8 million) of assets, will be known as Old Mutual China Equity Fund from November 20, 2015, subject to regulatory approval. A requirement for a minimum exposure to Taiwan will be removed. OMGI says this is beneficial to investors, as the fund manager, Diamond Lee, who has managed the fund since January, will have more flexibility to invest in Taiwanese securities. The fund is unconstrained by its index but the benchmark index used for referencing long-term performance will change from the MSCI Golden Dragon Index to the MSCI Zhong Hua 10/40 Index. Lee says: “Following this modification to the fund, I will have more flexibility to allocate investments across China, Hong Kong, and Taiwan. I hope to add more value for clients by having greater freedom to focus on China, whose importance is only likely to rise in the long term.” Despite slowing growth in China, a “multitude of opportunities” will be created as the economy transitions from investment to consumption led, and the growth engine switches from manufacturing to services, says Lee. ©2015 funds europe

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