Australian Unity announced on Thursday it would set up an overseas joint-venture fund to encourage Australian investment in Asian companies, particularly China.
The unlisted insurance and investment group, which has about 7.6 billion Australian dollars (6.6 billion U.S. dollars) under management, announced the establishment of the venture with Hong Kong-based boutique fund manager Seres Asset Management.
The head of Australian Unity Investments, David Bryant, said Seres' primary focus would be on Chinese mainland, China's Taiwan, China's Hong Kong, Japan, Korea and perhaps India.
Bryant said the fast-growing Asian region probably offered superior opportunities to the United States and Europe.
Asian equities were not as risky as some investors may think because Asia had learned its lesson from the Asian currency crisis in 1997 and all the things that had gone wrong in Western countries in the last year such as excessive leverage, lack of transparency, dubious conduct and incorrect government fiscal and monetary policy, he noted.
"As a result Asia doesn't carry the degrees of debt or derivative transactions or securities that we now know are very opaque investment practices," Bryant said.
Source:Xinhua
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