Martin Currie gives China A Share fund investors extra dealing day
Martin Currie has announced a further dealing day for its China A Share fund, which was hit by an announcement from the Edinburgh-based firm it would part ways with Chris Ruffle, its portfolio manager, China and Taiwan.
In a stock exchange announcement today the board of Martin Currie China A Share fund said investors would be able to deal on 19 August, as well as the normal monthly dealing days for the fund.
The $16.2bn asset manager is hunting for a replacement manager for various funds it has in the region, and a head of research for the region.
Its searches come 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.
Along with Ruffle’s departure came that of the Shanghai-based research team.
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.
Shareholders wishing to pull out of China A Share fund at the extra dealing day will be required to file requests by 16 August.