Invesco targets Italy with Renminbi fund launch

Invesco has increased its offering to Italian retail clients with the launch of four funds in Italy: Invesco US High Yield Bond fund; Invesco Renminbi Fixed Income fund; Invesco Asian Focus Equity fund and Invesco US Equity fund.

The new funds are aimed at offering greater portfolio diversification opportunities to local clients.

According to Giuliano D’Acunti, head of retail distribution for Italy at Invesco, the Italian market will specifically welcome the US High Yield Bond Fund and the Renminbi Fixed Income Fund.

Invesco’s Renminbi fund is an open-end fund incorporated in Hong Kong. It aims to achieve total return, comprised of current income and capital appreciation, over the mid to long term and it invests in offshore RMB denominated debt instruments issued or distributed outside of mainland China.

Since the first Dim Sum corporate bond was issued in 2010, this bond universe has grown to include the full range of traditional bond issuers, including financials, infrastructure, property, as well as retail and growth expectations are strong.

“The Dim Sum market in Hong Kong is attracting growing numbers of Chinese and foreign issuers and investors, and enjoying strong support from the Chinese government,” said

Frankie Tai, associate director and head of Hong Kong fixed income at Invesco.

Moreover, according to the analyst, plans to develop offshore renminbi trading in London will improve the overall liquidity in offshore renminbi products and increase foreign investor participation.

“Like any toddler learning to walk under its parents’ firm grip, the Dim Sum market will take its first steps cautiously, and may even tumble a few times before starting to run,” he said.

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