First Vanguard, Raymond Wong plan $100 million movie fund

Mon Jun 8, 2009 2:45am EDT
 
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SINGAPORE (Reuters) - Hong Kong asset manager First Vanguard said on Monday it has tied up with movie producer Raymond Wong to launch a $100 million fund that will invest in movies and TV programs targeting the China market.

Wong -- who recently produced the award-winning movie "Ip Man," a biography of martial arts star Bruce Lee -- will be the fund's investment advisor, First Vanguard Chief Investment Officer Richard Yin told Reuters.

Wong will also be executive producer for movies the fund invests in, Yin added.

"In the last few years the movie industry has changed because films that are produced in Hong Kong are allowed to be widely distributed in China," Yin said.

"In the 1990s, everyone lost money in Hong Kong because the market was small and there was lots of private DVDs and all that," he added. "The China market has changed the paradigm."

(Reporting by Kevin Lim; Editing by Saeed Azhar)