In the meantime, Atkinson went on to head
Since originally acquiring the fund family, Investec consolidated a number of the funds, and Guinness Atkinson will assume management of the remaining four funds, which have $125 million in assets under management. According to Atkinson, Guinness proposed the idea in October of last year. Financial details of the arrangement have not been disclosed.
The $6 million Mainland China Fund will be merged into the China & Hong Kong Fund. Edmund Harriss, who comes from Investec, will remain as manager of the China & Hong Kong Fund.
Improved Vision
Also, Guinness Atkinson will be changing the investment objective of the
Guinness Atkinson will be resurrecting the Guinness name, subjecting investors to yet another round of proxies to approve the name change, fund merger and change in investment objective. At this point, the paper trail may have worn some investors thin, Atkinson said.
"If you look at it from the investors perspective, this is not the best investment environment and theres been a series of changes. Im worried that some of these investors will say, enough is enough," he said. To assuage the frustrated departure of investors, "our number one priority is to communicate our vision and that we do care about our shareholders."