Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns.
"For the American investor, we have to consider whether we are enabling economic development of an adversarial government," said Kevin Philip, partner at Bel Air Investment Advisors in Los Angeles, which manages $9.5 billion in assets for more than 350 high-net-worth families, individuals and foundations.
"Long-duration capital managers are somewhat hesitant to deploy fresh capital to work," Goldman Sachs analysts said in a note based on investor meetings in the United States and Middle East, citing "an uncertain U.S.-China geopolitical environment".rose 15% from late October to late January - prompts deeper questions.
Man Numeric, which manages assets for sovereign wealth funds, pension plans, foundations and endowments, has found that some institutional investors are rethinking allocations despite the opportunities on offer. Kiyong Seong, lead Asia macro strategist at Societe Generale in Hong Kong, expects the tune to change when the economic data starts to describe a robust recovery in spending and demand.
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