BEA Union Investment will be offering its first consumer-themed fund in Hong Kong.
The BU China Consumer Power Fund last week received a green light from the Securities and Futures Commission to be launched in Hong Kong, according to the regulator’s records.
The firm is currently preparing for the roll-out of the strategy and more details about the fund will be available upon its launch, a BEA Union Investment spokeswoman told FSA.
Several asset managers have promoted long-term opportunities in Asia’s consumer market, particularly in China, with some of them launching China-focused consumer-themed products. They include Fidelity’s China Consumer Fund, the HSBC-GIF China Consumption Opportunities Fund and the Global X China Consumer Brand ETF, according to data from FE Fundinfo.
Other fund managers that have a broader China mandate also believe that the consumption theme should provide investors long-term growth opportunities.
For example, William Yuen, Hong Kong-based investment director at Invesco and co-manager of the PRC Equity Fund, believes that the consumer theme in the mainland provides the “best investment opportunities to deliver sustainable growth”.
“There have been a lot of opportunities in China backed by underlying macro factors that are boosting the whole consumption story, mostly driven by internet-related services, which is something not new to us,” he said.