UNIT trust sales and redemption statistics for July show that the Hong Kong Investment Funds Association (HKIFA) reported a net investment of US$21 million. In July, total sales were $211.5 million while redemptions were $190.5 million. It was the 14th consecutive month the HKIFA has reported a net investment in unit trusts since June 1992. The sector with the highest net investment was Asia Pacific Equity funds with $31.9 million. The report said strong economic growth in Asia Pacific markets had continually led to increased investment in the region. It said Asia Pacific Equity funds had been among the leading sectors. THE Swiss-based Baer Group announced a move to make Hong Kong the base for its Asian investment advisory services, as part of a concerted effort to build its presence in the territory and the Far East. The move to set up the Julius Baer Investment Advisory (JBIA) in Hong Kong follows growth in investment in the region by Julius Baer, and recognition that Asian investors will benefit from its worldwide investment expertise. As a wholly owned subsidiary, JBIA Hong Kong will link with the resources of the Baer Group and provide mutually beneficial support as the Far East continues to grow in importance, both as an investment area and a source of investment funds. Family member Michael Baer, the head of Asian capital market operations, and Henry Looser, head of private banking, will play major roles as board members in achieving the group's business goals. With its headquarters in Zurich, the group's client assets exceed $25 billion worldwide. The Baer Group, established in 1890, is one of Switzerland's leading private banking institutions. The group has been operating in Hong Kong since 1985.
