AGF Management and WaveFront Global Asset Management have announced the launch of a new joint venture called AGFWave Asset Management, media report said.
AGFWave will provide its asset management services and products in China and South Korea.
According to Wealth-X report, China witnessed a 20 percent jump in its billionaires headcount in 2019.
Kevin McCreadie, who serves as the chief executive officer as well as the chief investment officer at AGF, told the media, “Combining AGF’s investment capabilities with the robust distribution channels and sales capabilities of WaveFront’s strategic partners Hwabao WP Fund Management, J Royal Asset Management and Vogo Fund Asset Management mean AGFWave is well positioned to capitalise on the rapidly growing asset management industries in China and South Korea.”
The joint venture will see members of AGF’s quantitative investment team AGFiQ work with members of WaveFront’s team as AGFWave’s Investment Committee.
AGFWave will also be responsible for new product development in China and South Korea. The joint venture will work closely with its partners in these regions and explore future opportunities to bring AGF’s other quantitative and complementary fundamental investment management capabilities to these rapidly growing markets.
Roland Austrup, chairman and managing principals at WaveFront told the media, “We are very excited about the opportunity to partner with AGF and believe their unparalleled investment management expertise will not only lead to stronger demand for our current products, but enable us to develop and launch new products in key areas our partners and clients are eager to access.”