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- Release Date: 25/06/13 10:30
- Summary: GENERAL: BIT: BIT-Investment in China
- Price Sensitive: No
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BIT
25/06/2013 08:30
GENERAL
REL: 0830 HRS The Bankers Investment Trust Plc
GENERAL: BIT: BIT-Investment in China
THE BANKERS INVESTMENT TRUST PLC
HENDERSON GLOBAL INVESTORS
24 JUNE 2013
THE BANKERS INVESTMENT TRUST PLC
INVESTMENT IN CHINA
In April 2013 Bankers Investment Trust, through its appointed investment
manager Henderson Global Investors, applied to the Chinese State
Administrator of Foreign Exchange (SAFE) for a quota under the Qualified
Foreign Institutional Investor (QFII) scheme to invest directly in
RMB-denominated 'A' shares on China's mainland exchanges.
We are pleased to announce that Bankers Investment Trust has now been granted
an initial $25m quota, to be held in a segregated nominee account for the
Trust. The quota will be invested across a number of Chinese companies and
is expected to be completed before the end of November 2013. Henderson has an
investment office in Beijing and a long history of managing Chinese equities,
across a number of funds.
At the end of May 2013, there were over 2,400 companies listed on the A share
markets of Shenzhen and Shanghai. The total market value was RMB 22.7
trillion (around US$ 3.7 trillion) which is equivalent to 50% of China's GDP
in 2011. Individual investors dominate the market with over 140 million
accounts, while institutional investors only account for 9.5% of the total A
share market capitalisation value. (Source: Goldman Sachs, United Nations)
Alex Crooke, Investment Manager for Bankers Investment Trust commented:
"Bankers Investment Trust already invests in Chinese companies through 'H'
shares listed in Hong Kong, however the greater depth and wider selection
opportunities of the A share market are restricted to many investors. We are
very excited to have been granted a QFII quota to invest directly into this
market. The overall market is appealing as we see significant potential for
earnings growth over the next 5 years from a low valuation point. The breadth
of the A share market gives us access to companies operating across many more
sectors within the Chinese economy."
- ENDS -
For further information, please contact:
Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447
James de Sausmarez
Director of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349
Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198
Note: The Bankers Investment Trust PLC aims to maximise shareholders' total
return by means of a broadly diversified international portfolio. It aims to
achieve long term asset growth, in excess of the FTSE All-Share Index and
regular dividend growth, in excess of the increase of the Retail Prices
Index.
End CA:00237750 For:BIT Type:GENERAL Time:2013-06-25 08:30:34
