The move by the world's largest asset manager follows similar access to a key China market segment won by the China based units of Fullerton Fund Management, Fidelity International and Switzerland's UBS Asset Management during 2017.
The funds seek to deliver consistent returns for investors, including a regular income, by investing predominantly in investment grade or high quality bond issuers, and have a proven track record of over 30 years.
The company, an exclusive master franchisee of US-based Sotheby's International Realty, had few months back entered into an equity deal with Bennett Coleman and Company Ltd (BCCL) worth USD 7 million
The search for a suitable successor will be initiated shortly. Currently, besides Christoph Meister, Gustav Stenbolt, Chairman and Delegate, and Philipp LeibundGut are represented on the Board of Directors of Valartis Group AG.
In response, Hilpold has unearthed a region-specific fund of funds manager that has launched four private equity products in the market so far, with a fifth planned for early next year.