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Rating:The First Mainland Chinese Asset Firm to Enter U.S. Outlines Growth Plans Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, June 11, 2013

The First Mainland Chinese Asset Firm to Enter U.S. Outlines Growth Plans

Reported by Tommy Fernandez

We reported earlier today that Chinese asset manager Harvest Fund Management broke into the U.S. market by launching N.Y.-based distribution arm Harvest Krane.

Now we're going to tell you what that means to you.

Firstly, Harvest is a $55 billion asset manager with over 500 employees in mainland China, Hong Kong and the U.S. Out of these employees over 100 are investment professionals. The firm has clients in over 10 countries.

The firm, among the first allowed to come into existence by the Chinese government in March 1999, will concentrate on marketing its first fund in the U.S., the Harvest Funds Intermediate Bond fund to a number of different channels, according to a company official.

The fund, launched two months ago, invests at least 80 percent of its asset in fixed income securities of companies and issuers based in China and Hong Kong. It seeks exposure to investment grade bonds in the intermedia duration space, three to five years, with an average credit quality of BBB. The fund aims to generate yield between 4 and 4.5 percent.

According to the Harvest official, the fund was specifically designed to target U.S. retirees looking to include intermediate foreign debt in their portfolios.

Moreover, the company is now ramping up effort to target RIAs, family offices and bank trusts. It is reaching out to wirehouses and independents more slowly, given the long due diligence periods in these channels.

This ramp up will soon include new wholesale hires, according to the company official. 

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