Shanghai, March 9, 2010 Citibank (China) Co., Ltd. (“Citibank, in partnership with Henderson Global Investors Limited (“Henderson, today announced the launch of a new suite of Citibank QDII funds Henderson’s Horizon Series. The launch sees Citibank become the first bank to offer property equity funds in China under the QDII scheme.
Mr. Anand Selva, Executive Vice President of Citibank (China) Co., Ltd., says, “We are very pleased to introduce this new suite of QDII funds to our customers in China. Citibank is a leader in wealth management, with the largest market share in QDII assets under management with the widest range of QDII products. With this new family of funds focused on property, offered by our valued partner Henderson, Citibank continues to provide more investment options and services that meet our customersevolving needs.
Mr. Alexander Henderson, Managing Director of Henderson in Asia, says “There has been a growing appetite for property investments among Asian investors. Property is a good portfolio diversifier and provides investors with the opportunity to invest in listed property securities across the globe. We are excited to have Citibank as our first partner in China to offer the Chinese customers the liquidity, diversification benefits and potential for capital growth that property equities can offer,said Mr. Henderson.
The Henderson’s suite of property funds invests in a focused list of real estate investment trusts (REITs) and commercial property stocks, with strong emphasis on cash flow growth, sustainable dividend yields from rental leases and quality management. Three Funds are available to Citibank’s customers in China. They are:
Henderson Horizon Global Property Equities Fund (US$538m*, launched in January 2005) - invests in global property equities offering an opportunity to invest in a growing international market where the cash flow characteristics of property are expected to provide attractive long-term returns.
Henderson Horizon Pan-European Property Equities Fund (US$360m*, launched in July 1998) - gives investors opportunities to invest in selected REITs and commercial property stocks listed in Pan-Europe.
Henderson Horizon Asia-Pacific Property Equities Fund (US$392m*, launched in October 2005) - gives investors diversified and liquid access to the income and growth opportunities of the Asia-Pacific property markets.
Commenting on the Henderson Horizon Asia-Pacific Property Equities Fund, its Fund Manager Frankie Lee, said, “We expect property in Asia to continue its growth in 2010 and Asian developers and landlords should continue to outperform their Western counterparts. Equity capital is also looking to migrate into the region in the form of direct real estate and private equity funds. It is this healthy capital base, combined with the strong GDP outlook of all countries in the region, which should continue to drive the outperformance of Asian real estate in 2010.
Further elaborating on the strategy of the Henderson Horizon Asia-Pacific Property Equities Fund, Mr. Lee said: “A theme we remain excited about is growth in office rents and capital values, especially in Hong Kong and Singapore. The leasing environment has been improving incrementally on the back of stronger job growth expectations, and supply of prime Grade A offices in core business districts remains moderate. Despite several disappointments, Japan’s commercial market remains one of the largest in the world and also has much potential to stage a strong recovery. The market is still focused on current weakness in occupancies and hence valuations of office developers remain attractive.
The suite of property funds are denominated in four currencies: RMB, USD, Euro and Pounds, and are available in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen, Chengdu, Hangzhou and Dalian. The offering is available to local residents of China only.
Henderson has been managing direct and indirect property portfolios for over four decades and is a top 20 global property investment manager, with around US$16.7 billion of property assets under management. Henderson has 200 people based around the world focusing on property, covering all aspects from asset management to market forecasting. The property equity team has detailed knowledge of property equity markets globally gained over the last 20 years and currently manage assets of around US$1.8 billion.
Remarks: *Source: Henderson Global Investors as at 31 December 2009
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