HONG KONG : Asset manager Matthews Asia will close its two bond funds due to sluggish client interest, leaving it with no fixed income products and only equity funds on offer firm-wide, the San Francisco-based company said.The $14 billion asset manager has decided to liquidate the $65 million Asia Total R
HONG KONG : Asset manager Matthews Asia will close its two bond funds due to sluggish client interest, leaving it with no fixed income products and only equity funds on offer firm-wide, the San Francisco-based company said.
"After a decade of trying to establish and grow the Matthews Asia Total Return Bond Fund and the Matthews Asia Credit Opportunities Fund, shareholder interest and demand for Asia bond strategies has not developed and reached scale as Matthews had anticipated," Matthews Asia said in a statement to Reuters.
The closure of the fixed income products comes after China's bond defaults hit a record in 2022 amid the years-long clampdown on the property sector and as global investors sold off Asia bonds due to the U.S. Federal Reserve's interest rate hikes.
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