Invesco Asset Management Ltd, a unit of Europe's largest publicly traded money manager, told Taiwan's financial regulators it will stop marketing four funds, saying regulations curbing investments in China shares will infringe the rights of investors.
The company stopped accepting investments in its Invesco GT Developing Markets Fund, Invesco GT Asia Enterprise Fund, Invesco GT Global Enterprise Fund and Invesco GT Global Emerging Markets Fund, Bruno Lee (
Invesco forfeited approval to sell the funds in this country after the regulators capped the weighting of China investments in emerging market funds sold here at 0.4 percent, a Chinese-language newspaper reported yesterday.
Funds invested in Hong Kong were also limited by the government to invest less than 5 percent of their assets in Hong Kong-listed Chinese companies, the report said.
"Chinese shares should be part of our investment portfolio and we think Taiwan's regulations will infringe the rights of our investors," Lee said.
Existing investors will be able to choose whether to stay in the funds or transfer their money elsewhere, he said.
Invesco's decision was not related to China's approval earlier this year for Invesco Asset Management to buy yuan-denominated shares and bonds for the first time, Lee said.
He declined further comment on the approval from the China Securities Regulatory Commission.
Invesco's decision to stop marketing the funds will not change its investments on the island, Lee said.
RSS