Structured Products - Shanghai-ed
28 November 2006
China's first specialist manager of capital protected funds
The first manager to specialise in capital protected investments celebrated its opening in Shanghai last week. The operation is a joint venture between Belgium's largest asset manager 'KBC' and local partner, 'Goldstate Securities'.
Liontamer's Managing Director, Laetitia Peterson and Head of Investment Solutions, Janine Starks were invited to the opening ceremony of the new KBC-GOLDSTATE Fund Management Company.
Liontamer have enjoyed a good relationship with
KBC Asset Management, dating back further than
the launch of our own business 4 years ago. The
link lies in our Managing Director's Flemish
background - born and educated in Belgium.
KBC have a business model, the envy of the industry and are now one of the most successful players in the structured products arena. We've maintained links with KBC in a number of capacities. From a valuable mentoring role in our early years, through to providing stock specific research for our global brands fund (GLOBAL Series 2) launched earlier this year. On our trips to Europe, we've met with KBC to assess new product development and trends in the European markets.
Shangri-la Hotel, |
Opening ceremony in the Grand Ballroom |
KBC-GOLDSTATE opening ceremony
We were delighted to receive an invite from KBC to be special guests at the opening of their new joint venture in China; KBC-GOLDSTATE Fund Management. Given Liontamer's COMBI funds, TIGER funds and an impending launch of a BRIC fund, the invitation was very well timed. It was also an ideal opportunity to experience a taste of the world's fastest growing economy.
Direct flights on Air New Zealand from Auckland to Shanghai enabled us to fly through the night and go straight to the opening ceremony at the Shangri-la Hotel in Pudong (the new business area of Shanghai).
Prior to the opening ceremony, as special guests of KBC we were able to meet their senior management team who had flown in from Brussels as well as the KBC-GOLDSTATE management team, the Consulate General of Belgium and officials from Goldstate's owners, Beijing Capital International Airport (a Hong Kong listed company and one of the three biggest airport operators in China).
Stefan Duchateau, CEO of Belgium's largest asset manager, KBC Asset Management |
Peng Zhenming, Chairman of KBC-GOLDSTATE Fund Management |
The ceremony was attended by around 300 people, along with TV cameras, press photographers and journalists. The proceedings were very impressive with speeches from Government officials as well as the two joint venture partners.
The joint venture is owned 51% by Goldstate and 49% by KBC (the legal limit for a foreign company). They will concentrate on capital guaranteed products and are aiming to raise Yuan 2.5 billion in the first fund launch planned in March 2007 (US$350 million / NZ$520 million). The target for assets under management is US$7-8 billion in 2008 (over NZ$11 billion). The Chinese are reported to have US$2 trillion in personal savings - that's almost NZ$3 trillion, making this a very attractive market to enter.
Liontamer would like to thank KBC for their hospitality and the opportunity to celebrate the launch of a new structured products business. We wish KBC-GOLDSTATE good luck - we're sure this will be an enormously successful venture.
Flower arrangements at the opening ceremony in the Grand Ballroom, Shangri-la Hotel |
Janine Starks (left) and Laetitia Peterson (right) from Liontamer at the KBC-Goldstate opening ceremony |
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| Laetitia Peterson, Liontamer's Managing Director, relaxing after the opening ceremony with a cup of Chinese style tea | |
