Australia-based Azure Capital has inked an agreement with China Asset Management Company (ChinaAMC) to create an investment fund tapping growth in Chinese economy.
The new fund is based on China Asset Management Company’s $400m China Opportunities Fund, reported The Sydney Morning Herald.
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Azure director Simon Price is targeting $100m for the new fund.
Referring to lack of transparency as the key hurdle preventing Australian investors investing in China, Price said: "I think that there are concerns about reliability of transparency and information. But ChinaAMC has 100 analysts in Beijing and another 60-odd investment personnel. Local knowledge is very important. It’s a big market so you need a large, local team to sift through the sometimes unreliable or non-transparent data and ChinaAMC will be the first fund to offer that to Australian investors."
ChinaAMC, which has nearly $75bn ($96bn) under management, is deemed to be the first Chinese fund manager to enter Australia for providing Chinese managed products.
The fund, expected to be operational by mid-2015, would link Australia’s $1.9tn superannuation fund market to the Chinese market.
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