American Century to open Hong Kong office

American Century Investments expects to open an office in Hong Kong in the next few months. The new office is part of the Kansas City, Mo.-based firm’s international initiative. Last October, the firm launched its international effort with the opening of a sales office in London. “People want a global equity portfolio, [and] that would include U.S. and non-U.S. stocks, as well as emerging markets,” said Enrique Chang, executive vice president and chief investment officer. “Our international business is growing.” In addition, American Century signed agreements with two unnamed securities firms in China. One agreement is a joint venture with a securities firm in Beijing, marking the firm’s first investment management relationship in the country. The second, with a firm in Shanghai, will create a fund under China’s qualified domestic institutional investor program, which American Century will manage. Under the QDII program, mutual funds are sold through partnerships with local banks, securities firms or fund managers. Mr. Chang declined to disclose the joint-venture partners, though announcements on these ventures are expected in the second quarter. American Century had around $72 billion in assets under management as of Jan. 7.