Martin Currie cuts fee on China fund

Martin Currie Investment Management, the Scottish asset manager that recently parted ways with its lead portfolio manager for China and Taiwan and its Shanghai-based researchers, has halved fixed fees on its China fund from the start of this month to the end of the year.

The $16.2bn manager has not altered the performance fee on the product.

It already gave investors in its China A Share fund a further dealing day, on 19 August, as well as the fund’s normal monthly dealing days for the fund.

It is hunting for a replacement manager for various funds it has in the region, and a head of research for the region, after Ruffle left.

The drive comes after conducting an investigation into the purchase in 2009 of a convertible bond issued by a company named Ugent, and potential conflicts of interest relating to that investment.

Subsequent to completing its examination, Martin Currie announced Ruffle’s departure from relevant funds, saying the move had been agreed with the UK Financial Services Authority and communicated to America’s SEC.

The split is being effected by Martin Currie’s China joint venture partner Heartland Capital Management buying out the company’s stake, in November. Ruffle managed Taiwan Opportunities, the China fund and China hedge fund.

He also previously ran the Greater China SICAV, now headed by China investment director James Chong.

As a result of the recently announced management fee cut, Martin Currie Absolute Return Fund GP will receive 0.75% annually from the China Master fund.



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