Fidelity's Rmb5B bond fund in China – Warnings of ESG 'burnout' – Saudi ETF in HK raises US$1B on debut
Fidelity International’s second retail fund in China wrapped up its initial asset raising ahead of schedule last week after pulling in Rmb5 billion (US$703 million). The Fidelity Yuda Bond Fund proved to be much more successful than the firm's first product, an equities strategy that raised a mediocre Rmb1 billion in April.
It also became the second largest fund IPO among foreign entrants, only behind BlackRock's first product that was launched more than two years ago. Read more about how Fidelity's bond fund stacks up against similar strategies from domestic rivals here.
Investment experts in Asia’s environmental, social and governance sector have raised concerns to Ignites Asia about suffering from “burnout”. Some say fund firms lack the resources to keep pace with the rapidly expanding initiatives and complex regulation across the region’s fragmented markets.
“It is a tiring job and many of us are multi-tasking,” one Hong Kong-based executive in charge of sustainability and stewardship across Asia Pacific said. Read more about ESG executives who say their patience is being tested and those who have quit here.
A new exchange-traded fund investing in Saudi Arabia's stock market was listed in Hong Kong this week by CSOP Asset Management after raising US$1 billion. The ETF, which invests heavily in state-owned oil firm Saudi Aramco, relied on capital from the Saudi Public Investment Fund and strong support from top Hong Kong officials.
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The launch was part of an ongoing push by Hong Kong authorities to build closer political relations and attract more investment from wealthy Middle Eastern investors. Read more about whether fund firms might benefit from deeper ties between the two markets here.
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