Malaysia’s Maybank Asset Management has entered into an agreement with Hong Kong-based Bosera Asset Management to develop funds investing in Shariah-compliant equities within ASEAN and Greater China.
Under the deal, both the firms are planning to launch a Greater China and the ASEAN Islamic equity fund during the first quarter of 2015.
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The planned fund will be domiciled in Malaysia and will eventually be registered in Hong Kong.
The agreement will see Bosera marketing the fund to retail clients, including an estimated 23 million Muslims in China.
Nor’ Azamin Salleh, CEO of Maybank Asset Management Group, said: "We are catering our funds to meet international appeal in the region through our presence, thus we are open to cross- listing of funds which we think are suitable."
Wu Yaodong, director at Bosera International, said: "We are here to capture ASEAN’s long-term growth opportunities as ASEAN has become an increasingly important factor in the world economy. With the establishment of trade agreements around ASEAN such as the ASEAN Framework, it would create substantial borderless business opportunities for companies in the region."
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