Old Mutual International (OMI), the offshore unit of Old Mutual PLC, and its international banking arm Nedcor Asia Ltd have just launched a a new multi-manager mutual fund offering Hong Kong investors exposure to more than 40 global funds.
The new service is the Nedcor Elite Personal Portfolio Service, which is based on the Guernsey service available from OMI. As manager of the investment product, OMI has appointed Nedcor Asia Ltd, Nedcor Bank’s wholly owned subsidiary, as Hong Kong representative for the Elite Personal Portfolio Service.
The official launch of the Nedcor Elite Personal Portfolio Service took place in Hong Kong this week and was attended by more than 100 specially invited guests from high profile banks and corporates based in Asia. Nick Burton, managing director of Nedcor Asia, said at the lauch: 'I am delighted to introduce the new ‘Elite’ service on behalf of Nedcor and in conjunction with OMI. We are confident that by offering investors an investment package which combines the skills of their own financial advisers, Capel Cure Sharp’s expertise at asset allocation and fund picking, and access to some of the best fund managers around the world, our clients will be receiving a truly Elite service.'
Kevin Scott, OMI's Investment and Marketing Director, added: 'Elite has been OMI’s flagship since launch. The funds under management are now in excess of US$270 million with strong relative performance across the board. This marks yet another milestone in the success story of the ‘Elite’ Personal Portfolio Service, extending its availability to Hong Kong, where indications are that it will prove a very popular investment with the discerning investor.' He added that the Elite fund, first launched two years ago in South Africa, has been approved by Hong Kong's regulator, the Securities and Futures Exchange.
OMI plans to launch the fund, which includes funds from Fidelity, Fleming, Gartmore, Invesco and Schroders, in Taipei and Singapore also. The company is due to meet Taiwan's regulators but says a Singapore launch within six months is "optimistic."
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