Mississauga, Ont.-based Excel Funds Management Inc. announced on Wednesday that China Asset Management Co. Ltd. (China AMC), one of the subadvisors to Excel China Fund, has been appointed to manage all of that fund’s assets as of Nov. 27.
London, U.K.-based Baring International Investment Ltd. and Hong Kong-based Baring Asset Management (Asia) Ltd. will cease to act as co-subadvisors for China AMC on that date.
“China AMC is the largest mutual fund manager in China with an impressive performance track record and first-class client services,” says Bhim Asdhir, president and CEO of Excel Funds, in a statement.
“During the next phase of China’s long-term development story, we believe that growth will come from consumption, health care and high-end manufacturing,” he adds, “and China AMC is best positioned to capitalize on these opportunities.”
Established in 1998, China AMC provides investment advisory services to approximately 35,000 institutional investors and 24 million retail investors, with total assets under management of more than $148 billion as of June 30.