Allianz Global Investors announces that its highly anticipated Allianz RCM Renminbi Currency fund has received Commission de Surveillance du Secteur Financier (CSSF) approval and will launch across Europe on the 18th October 2011. The fund offers investors a direct, cost-effective and low risk way to benefit from a strengthening Renminbi (RMB) versus the US dollar.
The Allianz RCM Renminbi Currency fund aims to allow investors to participate in the appreciation of the RMB at a lower level of risk. It is intended that the fund will invest 100% in deposits and will be highly liquid. The fund will be managed by Helen Lam who is based in Hong Kong and successfully manages the Allianz RCM Renminbi Fixed Income fund which has been closed at its capacity of €450 million.
Helen Lam, fund manager of the Allianz RCM Renminbi Currency fund, comments:
“Despite the recent weakness and volatility in global financial markets, we believe that China remains committed to the gradual appreciation of the RMB given the need to redirect its economic focus from export driven to domestic consumption and to become less reliant on the global economy. In overall terms, the RMB has continued to appreciate while other Asian currencies have experienced a sharp decline since August this year and eroded all the short term gains they had earned against the US dollar in the previous month.*
As China remains closed in terms of capital accounts and the RMB can only freely flow out of China for trade-related activities, the offshore RMB market is the most cost effective and efficient way for an investor to participate in the RMB appreciation.
Helen Lam adds: “I believe, offshore RMB deposits are playing an increasingly important role in the Hong Kong financial market and the RMB deposit base has seen exponential growth since its introduction late last year. RMB deposit base accounts are around 600 billion at present (approximately 10% of the total Hong Kong deposit base) and we expect this to continue to grow and to reach around 2 trillion in a year and a half's time.”**
It is expected that the volatility of the fund will be low to medium given that the RMB is still controlled by the Chinese authorities who have signaled their support for the gradual appreciation of the currency for the benefit of the Chinese economy.
-ENDS- * Source - RCM
** Source - RCM For more informationRachel Smylie, Lansons Communications 00 44 20 7294 3653
Amy Butler, Lansons Communications, 00 44 20 7566 9709PhotographsHigh-resolution photographs of our fund managers and spokespeople are available from the Allianz Global Investors Press Office. Please contact Lansons on 0207 294 3610About Allianz Global InvestorsAllianz Global Investors, the asset management subsidiary of Allianz SE, has nearly EUR 1,500bn of assets under management for its clients worldwide (as of 30/06/2011). Its investment managers – operating under the Allianz Global Investors, PIMCO and RCM brands – offer their own distinctive investment philosophy, and provide clients with a comprehensive and constantly evolving range of products and services. Its 4,900 employees around the globe, including more than 1,000 investment professionals, are committed to helping clients achieve their goals by combining global expertise and local market knowledge with innovative solutions and world-class professional service.DisclaimerAllianz RCM Renminbi Currency is a sub-fund of Allianz Global Investors Fund, which is an open-ended investment company with variable share capital (also known as a SICAV) organised under the laws of Luxembourg. Allianz Global Investors Fund qualifies as an undertaking for collective investments in transferable securities („UCITS‟) in accordance with the provisions of the European Union („EU‟) Directive 2009/65/EC.Allianz RCM Renminbi Currency may not be registered or authorised for public distribution in the country of residence of investors. Accordingly, it is the responsibility of investors to be aware of the applicable laws and regulations of their country of residence in respect of financial promotion. Thus, the information contained in this document should not be construed as constitutive of an offer or solicitation (i) by anyone to buy shares in Allianz RCM Renminbi Currency in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or (ii) to anyone to whom it is unlawful to make such offer or solicitation in the jurisdiction in which this person resides. Specifically, Allianz RCM Renminbi Currency is not available for distribution to or investments by investors in the United States of America („USA‟). Its shares are not registered under the US Securities Act of 1933, as amended, and, except in a transaction which does not violate the Securities Act or any other applicable securities laws (including without limitation any applicable law of any of the States of the USA), such shares may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of an investor in the USA.Subscriptions for shares of Allianz RCM Renminbi Currency can only be made on the basis of the latest prospectus of Allianz Global Investors Fund and the key investor information document of Allianz RCM Renminbi Currency, complemented by any local supplement to these prospectuses, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained in English and – where appropriate – in the respective local language, free of charge, from the management company, Allianz Global Investors Luxembourg S.A., as well as from Allianz Global Investors Europe GmbH or electronically via www.allianzglobalinvestors.eu.As with all investment products, a fund‟s past performance is not necessarily a guide to future performance and the value of the shares of Allianz RCM Renminbi Currency and any income from them may fall as well as rise. On redemption of shares, investors may receive back an amount less than the original amount of their investments. The assets of Allianz RCM Renminbi Currency may be denominated in a variety of currencies and therefore movements in the value of currencies may also affect the value of investors‟ holdings. Furthermore, the value of the shares of Allianz RCM Renminbi Currency may be adversely affected by fluctuations in exchange rates between the investors‟ reference currencies and its base currency. Further information on the risks associated with investments in Allianz RCM Renminbi Currency -those briefly described above as well as others, if applicable- can be found in the prospectuses.This document is deemed to be marketing material. This document has been issued and approved by Allianz Global Investors Europe GmbH, a subsidiary of Allianz Global Investors AG (parent company of the Allianz Global Investors Group). Allianz Global Investors Europe GmbH is a limited liability company incorporated under the laws of the Federal Republic of Germany with its registered office at Mainzer Landstrasse 11-13, D-60329 Frankfurt/Main. Allianz Global Investors Europe GmbH is licensed as a provider of financial services (Finanzdienstleistungsinstitut); for the conduct of its business activities, Allianz Global Investors Europe GmbH is subject to the supervision of the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). This document is meant to provide a broad overview for discussion and/or information purposes. Furthermore, this document was not prepared with the intention of providing legal or tax advice. The views and opinions expressed in this document, which are subject to change, are those of Allianz Global Investors Europe GmbH and its affiliated companies at the time of publication. The duplication, publication, or transmission of the contents of this document to unauthorised persons, irrespective of the form, is not permitted. While some of the data provided herein is derived from various published and unpublished sources, and is assumed to be correct and reliable, it has not been independently verified. Therefore, Allianz Global Investors Europe GmbH does not guarantee the accuracy or completeness of such data/information and will not accept any liability for any direct or consequential losses arising from its use, unless directly caused by gross negligence or wilful misconduct. The investment opportunities described herein are not guaranteed by Allianz Global Investors Europe GmbH or affiliated companies within the Allianz Global Investors Group.
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