April, 2011

Edmond de Rothschild hikes stake in Zhonghai Fund

La Compagnie Financi¨¨re Edmond de Rothschild has raised its stake in the asset manager Zhonghai Fund Management Company via a reserved capital increase and now owns 25 percent from the original 15.4 percent equity bought in 2008.

Zhonghai Fund, controlled by oil company CNOOC, manages assets on behalf of institutional and private investors in China.

The bank aims to bring its product innovation expertise and experience of international markets to the Zhonghai FMC teams and to launch QDII (Qualified Domestic Institutional Investors) funds for Chinese institutional and private investors. At end December, assets under management amounted to some 24 billion renminbi (about USD3.6 billion), through nine balanced, equity and bond funds, including three new funds launched in 2010.

It also announced appointments to its senior team in Asia led by Denis Lefranc, Anson Tay and Douglas Hsu. This Hong Kong-based team will be responsible for marketing all the La Compagnie Financi¨¨re Edmond de Rothschild and those of the wider Edmond de Rothschild Group, particularly asset management.

Lefranc is the new deputy chief executive officer and head of business development for Asia. He is a graduate of the Paris Institut dĄŻEtudes Politiques and holds a degree in Economics and History from the University of Paris. Tay is the new chief marketing officer. He holds a BA from the University of Singapore and is a member of ICPAS (Institute of Certified Public Accountants of Singapore) while Hsu has been named head of sales for Taiwan. He holds an MBA in Finance from Scanton University (USA) and is a graduate of Tamsui Oxford College (International Trade).

With a hub in Hong Kong and a banking representative office in Shanghai, La Compagnie Financi¨¨re Edmond de Rothschild has some USD6 billion of assets under management in the Asian region, including USD2.2 billion managed by its asset management subsidiary Edmond de Rothschild Asset Management Hong Kong and USD3.6 billion through Zhonghai FMC, the balance being managed in private equity funds on the Chinese SME market.

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