Invesco launch equity fund to meet Asian consumer demand
Invesco Australia has announced the launch of a new Asian equity fund that focuses on the growing Asian consumer demand.
Launched on 1 October, Invesco stated that the Invesco Wholesale Asian Consumer Demand Fund is a managed fund that is dedicated to investing in Asian companies (excluding Japan) that source most of their revenue from growth in consumer demand.
According to the company, the success of the new fund will be determined by Asia's huge population and fast-growing, youthful middle class; rising per capita income, which is influencing greater spending; high savings and low debt; and a cultural change in spending which is seeing Asian consumers move from the purchase of simple necessities to more optional goods and services.
A similar fund in Hong Kong, launched by Invesco in 2008, currently manages around $900 million in the Asian consumer demand strategy.
According to Invesco Australia chief executive Mick O'Brien, Asia is the world's fastest-growing region.
"Its strong demographic and economic profile is set to unleash a consumer demand cycle that we believe is under appreciated and that has decades to run," O'Brien said.
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