Posted inNewsSingapore

Italy’s Azimut, Singapore’s APS add more PFM funds

In total, around 30 foreign managers have launched at least 90 PFM funds in the mainland.

Milan-listed Azimut Group’s wholly foreign-owned enterprise (WFOE) in Shanghai, AZ Investment Management (AZ IM), last week received approval from the Asset Management Association of China (AMAC) to launch the An Zhongxin Mix No 6 Private Security Investment Fund, according to AMAC’s records.

A PFM licence enables foreign entities to develop and sell funds investing in onshore assets to domestic qualified investors, which include institutional and high net worth investors.

FSA sought more information from Azimut, but the firm declined to comment.

The move follows after it launched three PFM funds in 2019, AMAC records show. In total, the firm now manages five PFM funds.

The firm received its PFM licence in 2018, making it the first and only Italian asset manager having the qualification.

Besides Shanghai, Azimut has an entity in Hong Kong, An Zhong Investment Management, which was established in 2011. It acts as the local headquarters for asset management and distribution operations, representing the base for expansion for Azimut Group across the North Asia region, according to the firm’s website.

The Hong Kong office advises around $400m in investments allocated to offshore Chinese investments through the two different strategies offered by the Azimut Group: the RMB Opportunities and the RMB Opportunities Fixed Income, it added.

It also operates in Singapore under the name AZ Investment Management and in Taiwan under AZ Sinoporo.

Globally, Azimut Group manages around €59.1bn ($69.49bn) in assets.

APS Asset Management

Meanwhile, Singapore-headquartered APS Asset Management’s WFOE in Shanghai also received approval from the AMAC to launch the APS Shiying No 3 Private Security Investment Fund, AMAC record shows.

The firm declined to provide more details about its PFM business.

The firm has been active in launching PFM funds in the mainland. In total, APS AM now manages six PFM products, including one that was approved earlier this month and another in July. The remaining three were approved in 2019.

APS AM announced earlier this year that it will be liquidating its Asia-focused funds and only manage China-related strategies.

“We decided after much deliberation and discussion that going forward, we would focus solely on China,” the firm said in a statement at the time.

In total, around 30 foreign asset managers have been granted PFM licences, with at least 90 PFM products having been approved by the AMAC, its records show.

Part of the Mark Allen Group.