One of the firm’s offshore strategies almost doubled in size in 2020.
The range consists of Marlborough’s Defensive, Cautious, Balanced and Adventurous funds, which are fully managed by the firm’s multi-asset team.
China’s regulator has given the green light to the second batch of funds of funds (FoFs), which are sold to domestic retail investors but could benefit funds sold through the Mutual Recognition of Funds scheme.
BMO Financial Group (BMO) has announced plans to venture into the new fund-of-funds space in China by embedding its exchange-traded products into funds managed by its partner Industrial and Commercial Bank of China (ICBC).
Investment in fund of funds in China has been building since the China Securities Regulatory Commission (CSRC) finalised guidance for retail FoFs in September last year, according to a report by Boston-based research firm Cerulli Associates.
Industrial and Commercial Bank of China (ICBC) introduced two indices tracking baskets of mutual funds, in anticipation of the approval of fund-of-funds (FoF) products by China’s regulators.
The upcoming launch of mutual fund of funds as well as banks outsourcing more wealth management products (WMPs) to asset managers should help grow onshore fund assets, analysts said.