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GF International re-enters HK fund market

Separately, the Hong Kong regulator also approved Amundi and Allianz products for retail distribution.

GF International Investment Management in Hong Kong has received approval this week from the Securities and Futures Commission to launch the GFI Global Selective Fixed Income Fund, according to the regulator’s records. It is the only SFC-registered product that the firm manages.

The fund approval comes after the firm delisted in September its one and only ETF. At the time, the GFI MSCI China A International ETF only had assets of RMB 20.6m ($2.3m), according to data from the Hong Kong Exchange.

However, the firm offers a China-domiciled fund managed by its China-based parent, the GF Industry Leaders Mixed Asset Fund, via the Hong Kong-China Mutual Recognition of Funds Scheme, according to SFC records.

GF International is the Hong Kong-based wholly-owned subsidiary of Guangzhou-based GF Fund Management. Excluding money-market fund assets, GF Fund is the twelfth largest fund manager in China with RMB 141.2bn ($12bn) in assets as of November, according to data from the Asset Management Association of China.

In Hong Kong, GF International also manages private funds and discretionary accounts for professional investors, according to its website.

Allianz, Amundi

Separately, Allianz Global Investors and Amundi each received a greenlight from the SFC this month to launch their products to Hong Kong’s retail investors.

Allianz GI is expected to launch the Thematica Fund in Hong Kong.

The firm is also waiting for retail distribution approval for the fund in Singapore.

The Thematica fund was first launched in 2016 in Europe. The portfolio invests in global equities with a focus on theme, sector and stock selection, according to FE. IT accounts for the largest sector allocation (28.8%), followed by healthcare (23%) and industrials (20%), according to the fund’s factsheet.

Amundi received SFC approval for Hong Kong retail distribution of five products: the China Equity, Emerging Markets Local Currency Bond, Pioneer Global Equity, Pioneer US Equity Research Value and Top European Players funds, according to the regulator’s records.

In Singapore, the funds are already available for sale to accredited investors, according to FE.

Part of the Mark Allen Group.