Matthews Asia’s Madsen hands over $5.38bn fund

Matthews Asia fund manager Jesper Madsen has handed over his $5.38bn portfolio after deciding to leave the asset management industry.

In an update to investors, the firm explains that Madsen will leave the company on 31 October 2013 “in order to pursue personal interests outside of finance”.

Madsen’s Matthews Asia Dividend fund is now co-lead managed by chief investment officer Robert Horrocks and Yu Zhang. Madsen, who has been with the fund since inception in 2006, will serve as co-manager until his departure.

The firm says: “The Matthews Asia Dividend fund’s investment approach and strategy will remain the same. The investment team continues to take an all-market capitalization approach (focusing on dividends and growth in dividend-paying stocks) as well as maintaining a concentrated portfolio of 50–80 holdings.”

According to FE Analytics, the Sicav version of Matthews Asia Dividend, which has assets of $661.2m, has returned 9.96 per cent over six months, against the IMA Asia Pacific inc Japan’s 9.24 per cent.

Over one year, it has returned 22.58 per cent against the peer group’s 23.19 per cent.