AIA Investment Management received approval from Hong Kong’s Securities and Futures Commission (SFC) last week, according to the regulator’s website.
The products are the AIA Wealth Funds – Asia (ex Japan) Equity Fund, the Balanced Fund, the Capital Stable Fund, the China Equity Fund, the Corporate Bond Fund, the Government Bond Fund, the Greater China Equity Fund and the Growth Fund.
The products are the firm’s first batch of mutual funds that will be sold to retail investors in the SAR, according to SFC records.
FSA sought more information about all the funds from the firm, but it was not able to provide more details in time for publication.
AIA Investment Management’s licences in Hong Kong are relatively new. It received its asset management (type 9) licence in 2018, while it received its advising on securities (type 4) licence in March, the regulator’s records show.
The insurance firm, AIA Group, was established in 1919 in Shanghai and is one of the largest listed companies in Hong Kong, according to its website. In the SAR, it has five investment-linked assurance schemes and 24 pooled retirement funds, according to SFC records.
Separately, another insurance firm set up an asset management entity in Hong Kong recently. NY Life Investment Management, a subsidiary of New York Life, received a dealing in securities licence from the SFC in December and plans to provide services to professional investors.
