Toronto based asset management firms have partnered to take advantage of huge China and South Korea markets
With the sharp rise in wealth in some markets in Asia, two Canadian asset management firms are partnering to take advantage of the huge opportunity.
Toronto based firms AGF Management Ltd. and WaveFront Global Asset Management Corp. will use their combined clout to push further into the wealth industry markets in China and South Korea.
Through a joint venture (JV) the firms will offer asset management services and products to the region’s increasing population of wealthy individuals; China saw a 20% jump in its billionaires headcount in 2019 according to a Wealth-X report.
“Combining AGF’s investment capabilities with the robust distribution channels and sales capabilities of WaveFront’s strategic partners Hwabao WP Fund Management, J Royal Asset Management and Vogo Fund Asset Management mean AGFWave is well positioned to capitalize on the rapidly growing asset management industries in China and South Korea,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF.
Working together
To begin with, some of the AGF quantitative investment team AGFiQ will work with WaveFront’s team as the AGFWave’s Investment Committee.
The two firms’ philosophies and track records on quantitative investment are aligned and the JV will also see collaboration with partners in China and South Korea.
These regional partnerships will aide the development of new products and facilitate the future expansion of AGF’s quantitative and complementary fundamental investment management capabilities to these rapidly growing markets.
AGFWave will also offer China A-share products to institutional investors globally, thanks to partnerships in the region that are already in place with WaveFront.
“We are very excited about the opportunity to partner with AGF and believe their unparalleled investment management expertise will not only lead to stronger demand for our current products, but enable us to develop and launch new products in key areas our partners and clients are eager to access” said Roland Austrup, Chairman and Managing Principal at WaveFront.
