Dechert Advises Ping An on its First UCITS Umbrella Fund Launch

October 15, 2020

Dechert has advised Ping An of China Asset Management (Hong Kong) Co., Ltd (“PAAMC HK”), the offshore investment platform for Ping An Insurance (Group) Company of China, Ltd (“Ping An”), on the launch of its first Undertakings for Collective Investment in Transferable Securities (UCITS) umbrella fund. 

Dechert had first advised on PAAMC HK’s establishment of its Luxembourg RAIF-SIF, a Luxembourg private investment fund, which allows the fund to be made available to professional investors in Hong Kong.  Dechert subsequently advised Ping An on the conversion of the Luxembourg RAIF-SIF to a UCITS umbrella fund – an uncommon undertaking that involved an assessment of the fund provisions, and enhancing investor protection in view of the UCITS requirements on investment strategies, liquidity terms and disclosure requirements.

The UCITS umbrella fund consists of five key Sub-Funds – China A-Shares AI Multi-Factor Fund, All China AI Multi-Factor Fund, China Green Bond Fund, China High-Yield Private Strategy Bond Fund and the Emerging Market Income Fund. 

Commenting on the deal, Michael Wong, a Partner of Dechert in Hong Kong said, “Leveraging our proficient cross-office collaboration experience between Dechert’s Hong Kong and Luxembourg teams to navigate multi-jurisdiction requirements, we are pleased to have successfully supported Ping An in the launch of the Company’s first UCITS umbrella fund, a label that is well respected and will surely enhance Ping An’s access to a wider range of distribution networks.”

The Dechert team advising PAAMC HK was led by Hong Kong-based Partner Michael Wong, with support from Luxembourg-based Partner Marc Seimetz and Hong Kong-based senior associate Stanley Tiu. 

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