UOB Asset Management’s two China-focused funds cross $1b in combined AUM

People sit outside a United Overseas Bank Ltd. (UOB) branch in Singapore, on Monday, Feb. 12, 2018. Photographer: Ore Huiying/Bloomberg

UOB Asset Management Ltd (UOBAM), a wholly-owned subsidiary of the Singapore-based United Overseas Bank Limited, announced on Monday that the assets under management (AUM) of its two China-focused funds have crossed over $1 billion in two years.

The two funds are dubbed the United China-A Shares Innovation Fund and the United China-A Shares Consumption Upgrade Fund.

UOBAM revealed in a statement that the capital commitments are from Japan, Malaysia, Singapore, and Thailand, without disclosing the investors. Meanwhile, more than a third of the total AUM was raised in the second half of 2020 as China recovered from the COVID-19 pandemic.

Ping Fund Management Company (Ping An FMC) is the investment advisor of the two UOBAM funds.

Ping An FMC is a 10-year joint venture between UOBAM and Ping An Trust Co., Ltd (Ping An Trust), a Shenzhen-based private equity management firm. The JV helps UOBAM facilitate investments in China. Ping An FMC had a portfolio of 110 million clients with AUM reaching 600 billion yuan ($93 billion) in 2020.

As of April 29, 2021, the United China-A Shares Innovation Fund had clocked returns of 143.13%, and the United China-A Shares Consumption Upgrade Fund had registered 32.71% returns.

“This symbolises a milestone in our ongoing strategic partnership with Ping An FMC. We will continue to help more individual and institutional investors across the region access Ping An FMC’s expertise and resources in China for more investment opportunities in the country,” said UOBAM chief executive officer and Ping An FMC Director Thio Boon Kiat in the statement.

Since its inception in 1986, UOBAM has been engaged in investment schemes and discretionary funds in Singapore. As of March 31, 2021, it managed about $37.7 billion in assets under 59 unit trusts in Singapore and four subsidiaries.

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.