Value Partners Group, a Hong Kong-listed money manager focused in the Greater China region, reported Thursday that assets under management rose 21% to end a volatile 2015 at a record $15.6 billion.
Net inflows for the year came to $4 billion, more than double the prior year’s net inflows of $1.9 billion.
However, operating profits before other gains and losses tumbled 31% to HK$514 million ($66.3 million), as a second-half retreat from a wild bull market for mainland stocks over the 12 months through June 30 trimmed the Shanghai Stock Exchange composite index’s gain for the year to 9.4% from 60%.
A Value Partners news release cited a 53% plunge in gross performance fees from the prior year to HK$309 million as a major factor weighing on the firm’s 2015 profits.
Even so, CEO Timothy Tse said in the release that Value Partners had done well during a period of extreme market uncertainties, while the continued opening of China’s capital markets should present “compelling opportunities … for well-positioned firms like Value Partners.”
The firm — which is 7% owned by Affiliated Managers Group — reported strong inflows for some recent additions to its lineup of investment strategies.
The Value Partners Greater China High Yield Income Fund, launched in 2012, pulled in $1.3 billion of net inflows for 2015, while its Value Partners High-Dividend Stocks Fund attracted net inflows of $1.5 billion.
The firm also reported institutional mandates from the mainland, including one from a listed mainland insurance company, but provided no details. Mr. Tse and spokeswoman Anne Lui couldn’t be reached for comment.