Tencent, Hillhouse to manage China’s offshore trillions

Bloomberg

Tencent Holdings Ltd. and Hillhouse Capital Management Ltd. are joining the throng of financial firms seeking to service the huge number of Chinese investors looking to diversify outside of the mainland.
GaoTeng Global Asset Management Ltd., the duo’s one-year-old venture in Hong Kong, plans to start accepting money shortly from retail Chinese investors who have existing assets internationally, according to an emailed statement that didn’t provide an exact time frame.
GaoTeng has gotten asset management and securities advisory licenses from Hong Kong’s Securities and Futures Commission.
Its first product will be a fixed-income fund that will be open to individual investors in the city.
“We will be better able to serve Chinese clients because we understand Chinese clients better,” Wayne Bi, GaoTeng’s chief executive officer said.
“We will design a select number of high-quality products that make sense for Chinese investors, helping them cut through a market that can often be homogenous and confusing to new participants.”