The joint venture between Martin Currie and Ruffle effectively ended in July after a conflict of interest was found with a holding in his US-listed China Equity Fund.
A new partnership, subject to regulatory approval, will be forged with Singapore-based APS Asset Management, a specialist Asia Pacific equity investment manager. The two firms have signed a memorandum of understanding to this effect and the relationship is expected to be cemented by the end of this month to form the world’s leading independent China A-share and greater China active equity management business.
APS Asset Management will run the Martin Currie A-share strategies on a delegated basis. The funds – which will be registered for sale in the UK – will be branded as APS Management propositions but in time will be migrated into APS Martin Currie propositions.
While it is Singapore-based, APS AM also has research teams in Beijing, Shanghai and Cheng Zhen making it the only foreign investment management firm which has research teams across three different cities in China.
The agreement will take effect from 1 November, 2011, when Martin Currie will also become the primary distributor of APS AM’s products worldwide through its network of offices in Europe, US and Asia.
