Macau's first local mutual fund targets mainland investors via connect scheme
Published: 7:00am, 27 Jan 2025 Macau , which is traditionally known for its casinos and tourism industry, will soon have another business to attract mainland Chinese – its first locally domiciled mutual fund . A&P Macau Patacas Money Market Fund – the special administrative region's pataca -denominated money market fund launched last July – will soon be offered to mainland investors in the Greater Bay Area via the Wealth Management Connect scheme, according to its manager.
'Our fund just turned six months, and it has successfully established a track record,' A&P Investment Fund Management founder, chairman and chief investment officer Bernardo Alves told the Post in an interview at his Macau office.
'It is time to go forward and start promoting [the fund] to mainlanders via the Wealth Management Connect scheme.'
The fund has reached 218 million patacas (US$27 million), with yield to maturity at 3.86 per cent from its investment in Macau's interbank market via time deposits in patacas, Hong Kong dollars and US dollars. It is distributed by Bank of China Macau, with EY as its auditor.
This marks a breakthrough in Macau's financial services industry, as funds that were previously sold in this market were from international fund houses based in Hong Kong.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
HKFP
an hour ago
- HKFP
Chinese aircraft carrier enters Japan's economic waters, Tokyo says
A Chinese aircraft carrier group entered Japan's economic waters over the weekend, before exiting to conduct drills involving fighter jets, Tokyo's defence ministry said Monday. The Liaoning carrier, two missile destroyers and one fast combat supply ship sailed around 300 kilometres (190 miles) southwest of Japan's easternmost island of Minamitori on Saturday, a ministry statement said. It was the first time a Chinese aircraft carrier had entered that part of Japan's exclusive economic zone (EEZ), a Japanese defence ministry spokesman told AFP. 'We think the Chinese military is trying to improve its operational capability and ability to conduct operations in distant areas,' the spokesman said. China's growing military clout and use of naval and air assets to press disputed territorial claims have rattled the United States and its allies in the Asia-Pacific region. Tokyo's chief cabinet secretary Yoshimasa Hayashi told reporters on Monday that the government had 'conveyed an appropriate message to the Chinese side' without saying it had lodged a formal protest. After the Liaoning and its accompanying vessels exited Japan's EEZ, fighter jets and helicopters conducted take-offs and landings on Sunday, the ministry statement said. Japan deployed its warship Haguro to the area to monitor the situation, it added. Last month, the Liaoning sailed between two southern Japanese islands within the EEZ, from the East China Sea into the Pacific while conducting take-offs and landings on deck, the ministry said. The carrier in September last year sailed between two Japanese islands near Taiwan and entered Japan's contiguous waters, an area up to 24 nautical miles from its coast. At the time Tokyo called the move 'unacceptable' and expressed 'serious concerns' to Beijing. Under international law, a state has rights to the management of natural resources and other economic activities within its EEZ, which is within 200 nautical miles (370 kilometres) of its coastline. Late last month, Tokyo accused Beijing of conducting unnotified maritime scientific research within its EEZ, near the remote Pacific atoll of Okinotori.
RTHK
2 hours ago
- RTHK
Sino-US talks hope fuels strong rise for HK stocks
Sino-US talks hope fuels strong rise for HK stocks The Hang Seng Index finished strongly up 388.89 points, or 1.63 percent, for the day at 24,181.43. File photo: RTHK Asian stocks rallied on Monday on hopes that a fresh round of China-US trade talks later in the day will ease tensions between the economic superpowers, while investors were also cheered by forecast-topping US jobs data. In Hong Kong, the benchmark Hang Seng Index ended strongly up 388.89 points, or 1.63 percent, for the day at 24,181.43. Across the border, Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.43 percent to 3,399.77. The Shenzhen Component Index closed 0.65 percent higher at 10,250. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.07 percent to close at 2,061.29. Regional gains extended a run-up across global markets in recent weeks as fears about US President Donald Trump's tariff blitz subside and countries make deals with Washington. All eyes are on London, where top officials from China and the United States are due to meet for more negotiations aimed at preserving a fragile truce agreed last month that slashed eye-watering tit-for-tat levies. The talks come days after President Xi Jinping and Trump held their first publicly announced telephone talks since the Republican returned to the White House. They were helped by news that Beijing had on Saturday approved some applications for rare-earth exports, while aviation giant Boeing will start sending commercial jets to China for the first time since April. The impact of the trade row was highlighted on Monday in data showing Chinese exports to the United States sank more than 34 percent year on year in May and almost 13 percent from the previous month. However, shipments to other regions including the European Union and the Association of Southeast Asian Nations surged. Separate data showed Chinese consumer prices fell in May for the fourth straight month. Optimism that the two sides will make a breakthrough boosted other markets such as Tokyo, Seoul, Singapore, Mumbai, Bangkok and Manila also advanced. In Japan, the Nikkei share average advanced ahead of Sino-US trade talks in London later in the day, with investors watching for any easing of restrictions on semiconductor shipments. The Nikkei rose 0.92 percent to 38,088.57 at the close. The broader Topix rose 0.58 percent. A sub-index of growth shares rallied 0.79 percent, outpacing a 0.38 percent rise in value shares. Chip-testing equipment maker and Nvidia supplier Advantest was the Nikkei's biggest gainer in index-point terms with a 4.86 percent climb. Another chip company, Socionext, soared 7.34 percent to be the top performer in percentage terms. (Reuters/Xinhua)
RTHK
2 hours ago
- RTHK
Sino-US talks hope fuels strong rise for HK stocks
Sino-US talks hope fuels strong rise for HK stocks The Hang Seng Index finished strongly up 388.89 points, or 1.63 percent, for the day at 24,181.43. File photo: RTHK Asian stocks rallied on Monday on hopes that a fresh round of China-US trade talks later in the day will ease tensions between the economic superpowers, while investors were also cheered by forecast-topping US jobs data. In Hong Kong, the benchmark Hang Seng Index ended strongly up 388.89 points, or 1.63 percent, for the day at 24,181.43. Across the border, Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.43 percent to 3,399.77. The Shenzhen Component Index closed 0.65 percent higher at 10,250. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.07 percent to close at 2,061.29. Regional gains extended a run-up across global markets in recent weeks as fears about US President Donald Trump's tariff blitz subside and countries make deals with Washington. All eyes are on London, where top officials from China and the United States are due to meet for more negotiations aimed at preserving a fragile truce agreed last month that slashed eye-watering tit-for-tat levies. The talks come days after President Xi Jinping and Trump held their first publicly announced telephone talks since the Republican returned to the White House. They were helped by news that Beijing had on Saturday approved some applications for rare-earth exports, while aviation giant Boeing will start sending commercial jets to China for the first time since April. The impact of the trade row was highlighted on Monday in data showing Chinese exports to the United States sank more than 34 percent year on year in May and almost 13 percent from the previous month. However, shipments to other regions including the European Union and the Association of Southeast Asian Nations surged. Separate data showed Chinese consumer prices fell in May for the fourth straight month. Optimism that the two sides will make a breakthrough boosted other markets such as Tokyo, Seoul, Singapore, Mumbai, Bangkok and Manila also advanced. In Japan, the Nikkei share average advanced ahead of Sino-US trade talks in London later in the day, with investors watching for any easing of restrictions on semiconductor shipments. The Nikkei rose 0.92 percent to 38,088.57 at the close. The broader Topix rose 0.58 percent. A sub-index of growth shares rallied 0.79 percent, outpacing a 0.38 percent rise in value shares. Chip-testing equipment maker and Nvidia supplier Advantest was the Nikkei's biggest gainer in index-point terms with a 4.86 percent climb. Another chip company, Socionext, soared 7.34 percent to be the top performer in percentage terms. (Reuters/Xinhua)
