26-01-2025
- Business
- South China Morning Post
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.
