【By Observer Net, Shao Yun】

According to Bloomberg, on July 7th, sources said that a German pension fund with a trillion-level scale "rarely" entrusted 50 million U.S. dollars to the Hong Kong subsidiary of Wells Fargo Fund, Wells Fargo Asset Management (Hong Kong) Limited, for investing in Chinese stocks listed in Hong Kong, mainland China, and the United States.

This pension fund is called "KZVK - The Church Supplementary Pension Fund of the German Diocesan Federation", which manages assets of 34.1 billion euros (approximately 286.8 billion RMB) for over 240,000 retirees. The insured personnel are staff members of Protestant dioceses and employees of facilities affiliated with churches. The report stated that due to the confidentiality of the aforementioned information, the sources did not want to reveal their names.

According to a survey published by Tokyo International Financial Institutions (Fincity.Tokyo) last year, global large institutions usually have a minimum allocation of 50 million U.S. dollars when investing in emerging markets.

Bloomberg believes that although this investment is not large, it is rare given the current overall conservative trend of foreign capital. Cameron Systermans, head of Asia Multi-Asset at Mercer Consulting, said that large asset owners in Europe and the United States are still generally avoiding strategic long-term tilts toward a single market.

Regarding the above report, KZVK has not responded to the request for comment, and a spokesperson for Wells Fargo Fund refused to comment.

Wells Fargo Fund is headquartered in Shanghai, managing about 200 billion U.S. dollars in assets, and Montreal Bank of Canada is one of its shareholders. A source said that the asset size managed by its Wells Fargo Hong Kong is approximately 30 billion Hong Kong dollars.

According to a May report from the website "Investment & Pensions Europe", due to the radical trade policies of the U.S. government, which cast doubt on the long-term prospects of its assets, German pension funds are turning their attention to the Asian market. Oliver Lang, a member of the management committee of KZVK, said in an interview at that time that KZVK is increasing its investments in Asian infrastructure and real estate, considering them as a key part of the investment portfolio.

The report stated that Lang said the current developments in the U.S. are worth being vigilant, but it would take more things to truly prompt the fund to reconfigure its investment portfolio. However, he added, KZVK is closely monitoring the situation in the U.S.

Data shows that in the first half of 2025, record amounts of money flowed into the Hong Kong stock market. Reuters made a chart.

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