Singapore’s UOB Asset Management says its two China funds advised by a unit of Ping An Insurance (Group) Co of China have crossed the S$1 billion (US$750 million) assets under management mark, describing it as a “milestone” in their decade-long partnership.
The United China-A Shares Innovation Fund and the United China-A Shares Consumption Upgrade Fund were both launched over the last two years: the former in August 2019 and the latter a year later.
The Singapore asset manager notes in a statement that the growth of the two funds comes on the back of its 2011 joint venture with the Ping An Insurance unit, Ping An Trust Co Ltd., to form Ping An Fund Management Company, the funds’ adviser.