Sequoia China, the Chinese arm of venture capital firm Sequoia Capital, has made a strategic investment in Income Partners, a Hong Kong-based fixed income asset manager.

Income Partners, set up in 1993, manages single issuer and sovereign bonds across US Dollar and Asian local currencies, focusing on offshore and onshore Renminbi. The firm’s co-founder and CIO, Emil Nguy, will continue to lead the entity.

Through the partnership with Sequoia, Income Partners intends to expand its investor base, and adopt artificial intelligence and big data technology in fixed income investment. Financial terms of the deal were not disclosed.

“Allocation to RMB by institutions is no longer a question of if, but a question of when, and our partnership with Sequoia China will bring us closer to our goal of becoming the pre-eminent fixed income manager in Asia at a time when global institutions will be required to allocate to RMB. The ecosystem that Sequoia China has built will greatly assist Income Partners’ onshore fund management as well as overall business, as we look to enhance our existing research with big data and expanding our research capability,” Nguy noted.

Sequoia China founding and managing partner Neil Shen added: “With China opening and institutionalizing its fixed income markets, we believe the Chinese fixed income asset management market is prone to disruption as the broader Chinese fixed income market continues to mature and grow rapidly. We are excited to be assisting Emil and his team to establish Income Partners as the go-to manager for managing Asia and onshore / offshore Chinese credit.”

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