EX-99 2 v181628_ex99.htm Unassociated Document


THE CHINA FUND, INC. (CHN)


The Martin Currie
Shanghai team

IN BRIEF
      
Net asset value per share
     US$ 30.80  
Market price
     US$ 27.91  
Premium/(discount)
     (9.38%)  
Fund size
     US$ 701.6m  
   
Source: State Street Bank and Trust Company
  

At 31 March 2010
        
US$ returns
  
   
China Fund NAV
    
MSCI Golden Dragon*
  
   
%
    
%
  
One month
     4.9       5.8  
Year to date
     3.5       (1.5 )
One year
     81.2       59.9  
Three years %pa
     15.8       5.4  

Past performance is not a guide to future returns.
Source: State Street Bank and Trust Company. NAV performance.
*Source for index data: MSCI.

MANAGER’S COMMENTARY
 
Stock market volumes remained thin in March, but there was a sense of confidence returning by the month-end. The National People’s Congress concluded safely, without any new measures to curb the property market. Cross-strait free-trade talks resumed, with every sign of a successful conclusion by the summer. The results season has so far featured more pleasant surprises than unpleasant. Economic statistics have reflected the strong start to the year that we also hear about in our company visits, albeit somewhat flattered by the low-base comparison with the bleak start to 2009. House prices in 70 cities rose by 10.7% in January and February, and the gross floor area of new starts rose by 37.5%. Electricity consumption rose by 26% year on year. Exports soared 45.7%, though it should be noted that the trade surplus has halved this year and it looks as though China ran a trade deficit in March. The timing of the deficit will, we hope, help China to escape being named a ‘currency manipulator’ by the US in mid-April.

Trade protectionism seems to be the main risk to the China story at this time, rather than the domestic ‘bubble’ so beloved of Western commentators. A small revaluation of the yuan, just after the ‘currency manipulator’ deadline has passed, would be timely. Chinese business is now surely well prepared for such a move, which would help to remove the dangerous temptation for companies to borrow in US dollars and lend in renminbi.

We expect the fear of inflation (2.7% in February) and a harsh government reaction to diminish once the low-base effect fades into the summer. There are already signs of a loosening of the labor market in China’s coastal exporting areas after the Chinese New Year, which may be an indication of the slowing of stimulus spending in inland provinces.
 
 
INVESTMENT STRATEGY
 
The Fund is 95.7% invested with holdings in 62 companies. Of this, 20.9% is invested in Taiwan and 13.6 % in A-shares.

The proportion of the fund invested in unlisted companies fell sharply during March to 6.8%, for good and bad reasons. The good reason is the successful listing in Hong Kong of our largest direct holding, the rural appliance retailer Huiyin Household Appliances (1280 HK). The IPO was hugely oversubscribed, and the stock has traded up since the listing. We will continue to invest in the company as part of our listed portfolio. The bad reason is that the value of our holding in China Silicon has declined. Evidence of fraud by local management has emerged. The company has been placed into the Chinese equivalent of Chapter 11. The new management has developed a plan to repair/complete the company’s furnaces with a limited injection of new capital, but we feel that the appropriate course is to reduce the value of the holding until progress of the plan becomes clearer.

In the listed portfolio we crystallised substantial profits, reducing our healthcare weighting by selling the now highly valued Shandong Weigao and China Shineway Pharmaceuticals. We also sold our abalone farmer, Dalian Zhangzidao Fishery, after a strong run, and China Yangtse Power (drought is not good for hydroelectric companies), switching into the A-share of Ping An Insurance, which was trading at a 15% discount to its H-share. Other purchases were the unloved Taiwanese smartphone designer HTC and the control-maker Hollysys.
 

Chris Ruffle, Martin Currie Inc*


*Martin Currie Ltd and Heartland Capital Management Ltd (HCML) have established MC China Ltd (MCCL), as a joint venture company, to provide investment management or investment advisory services to the range of China investment products managed by Martin Currie.
 
MCCL has appointed Martin Currie Investment Management Ltd (MCIM), or its affiliates, as investment manager of Martin Currie’s China investment products. HCML has seconded both Chris Ruffle and Shifeng Ke to MCIM, or its affiliates, on a full time basis with the same roles and responsibilities as if they were full time employees.
 
 
31 MARCH 2010

FUND DETAILS
      
Market cap
     US$ 635.8m  
Shares outstanding
     22,781,762  
Exchange listed
  
NYSE
  
Listing date
  
July 10, 1992
  
Listed and direct investment manager
  
Martin Currie Inc
  
 
Source: State Street Bank and Trust Company.
 
SECTOR ALLOCATION
            
   
The China
    
MSCI Golden
  
   
Fund, Inc
    
Dragon
  
Healthcare
     20.8 %     0.3 %
Consumer discretionary
     16.3 %     6.1 %
Consumer staples
     16.2 %     2.7 %
Financials
     15.3 %     35.2 %
Industrials
     10.6 %     7.3 %
Information technology
     8.5 %     21.7 %
Materials
     2.6 %     6.6 %
Energy
     2.2 %     8.7 %
Utilities
     1.9 %     3.9 %
Telecommunications
     1.3 %     7.4 %
Other assets & liabilities
     4.3 %     —  

Source: State Street Bank and Trust Company. Source for index data: MSCI

ASSET ALLOCATION
 
Source: State Street Bank and Trust Company
 
PERFORMANCE
     (US$ RETURNS)  
   
NAV
    
Market price
  
   
%
    
%
  
One month
     4.9       4.0  
Year to date
     3.5       (1.1 )
Three years %pa
     15.8       17.3  

Past performance is not a guide to future returns.
Three year returns are annualized.
Source: State Street Bank and Trust Company

15 LARGEST HOLDINGS (46.9%)
          
Huiyin Household Appliances
Consumer discretionary
7.1%
Sinopharm Medicine Holding
Healthcare
5.0%
Wumart Stores
Consumer staples
4.3%
China Medical
Healthcare
3.7%
Ugent Holdings, Ltd
Industrials
3.2%
China Shineway Pharmaceutical
Healthcare
2.9%
Shandong Weigao Group
Healthcare
2.7%
China Fishery Group
Consumer staples
2.7%
Ruentex Development Co
Financials
2.6%
Ping An Insurance (expiration 04/01/13)
Financials
2.4%
Far Eastern Department Stores
Consumer discretionary
2.2%
Hsu Fu Chi International
Consumer staples
2.1%
Shenzhen Agricultural Products
Consumer staples
2.1%
WuXi PharmaTech Cayman
Healthcare
2.0%
China Metal Products
Materials
1.9%

DIRECT INVESTMENTS (6.8%)
          
Ugent Holdings
Industrials
3.2%
HAND Enterprise Solutions
Information technology
1.8%
Qingdao Bright Moon
Industrials
1.3%
Highlight Tech
Industrials
0.5%
China Silicon (Series A Preferred)
Information technology
0.0%
China Silicon
Information technology
0.0%
China Silicon warrants
Information technology
0.0%
TECO Optronics
Information technology
0.0%

Source: State Street Bank and Trust Company.

FUND PERFORMANCE (BASED ON NET ASSET VALUE)
    
(US$ RETURNS)
  
   
One
    
Three
    
Calendar
    
One
    
Three
    
Five
    
Since
  
   
month
    
months
    
year to date
    
year
    
years
    
years
    
launch
  
   
%
    
%
    
%
    
%
    
% pa
    
% pa
    
% pa
  
The China Fund, Inc.
     4.9       3.5       3.5       81.2       15.8       22.1       12.3  
MSCI Golden Dragon
     5.8       (1.5 )     (1.5 )     59.9       5.4       12.8       10.2  
Hang Seng Chinese Enterprise
     7.4       (3.2 )     (3.2 )     53.3       9.1       21.0       21.2  
Shanghai Stock Exchange 180
     2.7       (6.3 )     (6.3 )     30.8       8.9       31.9       n/a  

Past performance is not a guide to future returns.
Source: State Street Bank and Trust Company. Launch date 10 July 1992. Three, five year and since launch returns are all annualized.
Source for index data: MSCI for the MSCI Golden Dragon and Copyright 2010 Bloomberg LP for the Hang Seng China Enterprise and the Shanghai Stock Exchange 180. For a full description of each index please see the index descriptions section.

 
PERFORMANCE IN PERSPECTIVE


Past performance is not a guide to future returns.
Source: Martin Currie Inc as at 31 March 2010.

THE CHINA FUND INC. PREMIUM/DISCOUNT


Past performance is not a guide to future returns.
Source: Martin Currie Inc as at 31 March 2010.
 
10 YEAR DIVIDEND HISTORY CHART


   
2000
    
2001
    
2002
    
2003
    
2004
    
2005
    
2006
    
2007
    
2008
    
2009
  
Total
     0.00       0.13       0.21       1.78       3.58       2.51       4.01       12.12       5.82       0.26  
Income
     0.00       0.13       0.06       0.07       0.20       0.22       0.30       0.28       0.48       0.26  
Long-term capital
     0.00       0.00       0.00       0.67       3.27       2.29       2.73       9.00       5.34       0.00  
Short-term capital
     0.00       0.00       0.15       1.04       0.11       0.00       0.98       2.84       0.00       0.00  

Past performance is not a guide to future returns.
Source: State Street Bank and Trust Company.



31 MARCH 2010
 
Sector
Company (BBG ticker)
  
Price
Holding
    
Value US$
% of portfolio
                 
Hong Kong
              
22.8
Huiyin Household Appliances
1280 
HK
HK$2.4
160,413,750
  
$
49,788,101
7.1
China Shineway Pharmaceutical Group
2877 
HK
HK$21.4
7,372,000
  
$
20,412,242
2.9
Xinao Gas Holdings
2688 
HK
HK$19.8
5,084,000
  
$
12,990,149
1.9
Intime Department Store Group
1833 
HK
HK$7.5
12,568,629
  
$
12,172,301
1.7
Ports Design
589 
HK
HK$19.7
4,549,500
  
$
11,483,828
1.6
Chaoda Modern Agriculture (Holdings)
682 
HK
HK$8.3
10,507,357
  
$
11,190,924
1.6
Fushan International Energy Group
639 
HK
HK$5.9
12,018,000
  
$
9,131,690
1.3
Golden Meditech Co
801 
HK
HK$2.0
35,040,000
  
$
8,799,655
1.3
Natural Beauty Bio-Technology
157 
HK
HK$1.4
47,710,000
  
$
8,417,767
1.2
China Pharmaceutical Group
1093 
HK
HK$4.8
12,918,000
  
$
7,985,525
1.1
Shangri-La Asia
69 
HK
HK$15.2
3,061,555
  
$
5,985,229
0.9
Yorkey Optical International Cayman
2788 
HK
HK$1.6
7,758,926
  
$
1,608,771
0.2
FU JI Food & Catering Services
1175 
HK
HK$0.0
5,462,000
  
$
0
0.0
                 
Hong Kong 'H' shares
              
15.7
Sinopharm Medicine Holding
297 
HK
HK$34.9
7,786,000
  
$
34,995,061
5.0
Wumart Stores
8277 
HK
HK$15.7
14,888,000
  
$
29,910,790
4.3
Shandong Weigao Group Medical Polymer
8199 
HK
HK$32.4
4,588,000
  
$
19,144,118
2.7
ZTE Corp.
763 
HK
HK$47.1
1,461,926
  
$
8,858,332
1.3
China Pacific Insurance
2601 
HK
HK$34.4
1,463,442
  
$
6,502,218
0.9
Anhui Expressway
995 
HK
HK$5.3
8,426,300
  
$
5,762,333
0.8
Zijin Mining Group
2899 
HK
HK$6.1
6,402,000
  
$
5,029,357
0.7
   
 
           
Singapore
  
 
         
5.8
China Fishery Group
CFG 
SP
SG$2.0
13,255,000
  
$
18,855,177
2.7
Hsu Fu Chi International
HFCI 
SP
SG$2.2
9,484,000
  
$
14,541,749
2.1
Financial One Corp
FIN 
SP
SG$0.5
12,030,000
  
$
4,127,667
0.6
CDW Holding
CDW 
SP
SG$0.1
54,708,000
  
$
2,932,986
0.4
   
 
           
Taiwan
  
 
         
20.9
Ruentex Development Co
9945 
TT
NT$45.0
12,694,000
  
$
17,986,964
2.6
Far Eastern Department Stores
2903 
TT
NT$26.3
19,066,931
  
$
15,790,046
2.2
China Metal Products
1532 
TT
NT$45.4
9,200,278
  
$
13,152,359
1.9
HTC Corp
2498 
TT
NT$371.0
1,027,900
  
$
12,008,027
1.7
Cathay Financial Holdings
2882 
TT
NT$53.0
6,454,000
  
$
10,770,892
1.5
Uni-President Enterprises Corp.
1216 
TT
NT$36.2
9,112,638
  
$
10,372,878
1.5
WPG Holdings Co
3702 
TT
NT$51.9
6,320,000
  
$
10,328,358
1.5
FamilyMart
5903 
TT
NT$64.0
4,501,652
  
$
9,071,910
1.3
Lien Hwa Industrial
1229 
TT
NT$15.5
16,476,881
  
$
8,015,864
1.1
KGI Securities
6008 
TT
NT$14.9
16,984,780
  
$
7,968,802
1.1
Taiwan Secom
9917 
TT
NT$50.8
4,017,000
  
$
6,425,581
0.9
Yuanta Financial Holdings
2885 
TT
NT$19.1
10,520,593
  
$
6,310,766
0.9
Taiwan Life 4percent Conv Bond
  
 
NT$100.0
200,000,000
  
$
6,297,626
0.9
Synnex Technology
2347 
TT
NT$70.0
2,809,240
  
$
6,192,040
0.9
Fubon Financial Holdings
2881 
TT
NT$38.6
4,948,000
  
$
6,014,006
0.9
                 
United Kingdom
              
3.7
China Medical System Holdings
CMSH 
LN
£4.7
3,623,188
  
$
25,579,211
3.7
                 
United States
              
6.4
WuXi PharmaTech Cayman
WX 
US
US$15.6
883,490
  
$
13,755,939
2.0
Hollysys Automation Technologies
HOLI 
US
US$11.5
808,200
  
$
9,302,382
1.3
Mindray Medical International
MR 
US
US$36.4
191,700
  
$
6,981,714
0.9
Far East Energy
FEEC 
US
US$0.4
14,565,477
  
$
6,263,155
0.9
Sina Corp.
SINA 
US
US$37.7
162,700
  
$
6,132,163
0.9
The9
CMED 
US
US$7.0
358,900
  
$
2,523,067
0.4
                 
Equity linked securities ('A' shares)
              
13.6
Ping An Insurance (expiration 04/01/13)
  
n/a
US$7.4
2,287,100
  
$
16,887,128
2.4
Shenzhen Agricultural Products
  
n/a
US$2.1
6,800,000
  
$
14,444,982
2.1
Shanghai International Airport
  
n/a
US$2.7
4,326,700
  
$
11,746,379
1.7
Shanghai Yuyan Tourist
  
n/a
US$4.1
238,502,000
  
$
9,867,264
1.4
Ping An Insurance (expiration 01/17/12)
  
n/a
US$7.4
1,230,000
  
$
9,153,045
1.3
Suning Appliance
  
n/a
US$2.7
2,874,013
  
$
7,912,158
1.1
Shanghai Qiangsheng
  
n/a
US$1.6
4,800,000
  
$
7,552,411
1.0
Daqin Railway
  
n/a
US$1.4
4,807,000
  
$
6,760,603
1.0
Wuliangye Yibin
  
n/a
US$4.1
1,403,507
  
$
5,792,273
0.8
Zhejiang Guyuelongshan
  
n/a
US$1.5
3,658,900
  
$
5,521,130
0.8
 
 
Sector
Company (BBG ticker)
Price
Holding
    
Value US$
% of portfolio
                 
Direct
              
6.8
Ugent Holdings
  
n/a
US$100.0
177,000,000
  
$
22,795,031
3.2
HAND Enterprise Solutions
  
n/a
US$25.5
500,000
  
$
12,735,000
1.8
Qingdao Bright Moon
  
n/a
US$0.3
31,827,172
  
$
9,198,053
1.3
Highlight Tech Corp
  
n/a
US$1.8
1,683,447
  
$
3,000,000
0.5
China Silicon Corp. Common Stock
  
n/a
US$0.0
1,234,405
    
—
0.0
China Silicon Corp. Warrants
  
n/a
US$0.0
685,450
    
—
0.0
China Silicon Corp., Series A Preferred
  
n/a
US$0.0
27,418
    
—
0.0
Hand Enterprise Solutions Preferred Stock
  
n/a
US$0.0
8,027,241
    
—
0.0
teco Optronics Corp
  
n/a
US$0.0
1,861,710
    
—
0.0
                 
                 
                 
Other assets & liabilities
          
$
30,400,626
4.3
 

 
INDEX DESCRIPTIONS
MSCI Golden Dragon Index
The MSCI Golden Dragon is a free float-adjusted market capitalization index that is designed to measure equity market performance in the China region. As of May 2005 the MSCI Golden Dragon Index consisted of the following country indices: China, Hong Kong and Taiwan.
 
Hang Seng China Enterprise Index
The Hang Seng China Enterprise Index is a capitalization-weighted index comprised of state-owned Chinese companies (H-shares) listed on the Hong Kong Stock Exchange and included in Hans Seng Mainland China index.

Shanghai Stock Exchange 180 Index
The Shanghai Stock Exchange 180 'A' Share Index is a capitalization-weighted index. The index tracks the daily price performance of the 180 most representative 'A' share stocks listed on the Shanghai Stock Exchange.

OBJECTIVE
The investment objective of the Fund is to achieve long term capital appreciation. The Fund seeks to achieve its objective through investment in the equity securities of companies and other entities with significant assets, investments, production activities, trading or other business interests in China or which derive a significant part of their revenue from China.
 
The Board of Directors of the Fund has adopted an operating policy of the Fund, effective 30 June 2001, that the Fund will invest at least 80% of its assets in China companies. For this purpose, 'China companies' are (i) companies for which the principal securities trading market is in China; (ii) companies for which the principal securities trading market is outside of China or in companies organized outside of China, that in both cases derive at least 50% of their revenues from goods or services sold or produced, or have a least 50% of their assets in China; or (iii) companies organized in China. Under the policy, China will mean the People's Republic of China, including Hong Kong, and Taiwan. The Fund will provide its stockholders with at least 60 days' prior notice of any change to the policy described above.
 
The Fund is subject to the Investment Company Act of 1940 which limits the means in which it can access the 'A' share market. The Fund will continue to seek the most efficient way in which to increase its 'A' share exposure ensuring ongoing compliance with its legal and regulatory obligations.
 

CONTACTS
The China Fund, Inc.
c/o State Street Bank and Trust Company
2 Avenue de Lafayette
PO Box 5049
Boston, MA 02206-5049
Tel: (1) 888 CHN-CALL (246 2255)
www.chinafundinc.com

 
Important information: This document is issued and approved by Martin Currie Inc (MC Inc), as investment adviser of The China Fund Inc (the Fund). MC Inc is authorised and regulated by the Financial Services Authority (FSA) and incorporated under limited liability in New York, USA. Registered in Scotland (No BR2575), registered address Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2ES. Information herein is believed to be reliable but has not been verified by MC Inc. MC Inc makes no representation or warranty and does not accept any responsibility in relation to such information or for opinion or conclusion which the reader may draw from the newsletter.
 
Martin Currie Ltd and Heartland Capital Management Ltd (HCML) have established MC China Ltd (MCCL), as a joint venture company, to provide investment management or investment advisory services to our China product. MCCL has appointed Martin Currie Investment Management Ltd (MCIM), or its affiliates, as investment manager of our China funds. HMCL has seconded both Chris Ruffle and Shifeng Ke to MCIM or its affiliates on a full time basis with the same roles and responsibilities as if they were full time employees.
 
The Fund is classified as a 'non-diversified' investment company under the US Investment Company Act of 1940 as amended. It meets the criteria of a closed ended US mutual fund and its shares are listed on the New York Stock Exchange. MC Inc has been appointed investment adviser to the Fund.
 
Investors are advised that they will not generally benefit from the rules and regulations of the United Kingdom Financial Services and Markets Act 2000 and the FSA for the protection of investors, nor benefit from the United Kingdom Financial Services Compensation Scheme, nor have access to the Financial Services Ombudsman in the event of a dispute. Investors will also have no rights of cancellation under the FSA's Conduct of Business Sourcebook of the United Kingdom.
 
This newsletter does not constitute an offer of shares. MC Inc, its ultimate and intermediate holding companies, subsidiaries, affiliates, clients, directors or staff may, at any time, have a position in the market referred to herein, and may buy or sell securities, currencies, or any other financial instruments in such markets. The information or opinion expressed in this newsletter should not be construed to be a recommendation to buy or sell the securities, commodities, currencies or financial instruments referred to herein.
 
The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased.
 
It should not be assumed that any of the securities transactions or holdings discussed here were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.
 
Investing in the Fund involves certain considerations in addition to the risks normally associated with making investments in securities. The value of the shares issued by the Fund, and the income from them, may go down as well as up and there can be no assurance that upon sale, or otherwise, investors will receive back the amount originally invested. There can be no assurance that you will receive comparable performance returns, or that investments will reflect the performance of the stock examples contained in this document. Movements in foreign exchange rates may have a separate effect, unfavorable as well as favorable, on the gain or loss otherwise experienced on an investment. Past performance is not a guide to future returns. Accordingly, the Fund is only suitable for investment by investors who are able and willing to withstand the total loss of their investment. In particular, prospective investors should consider the following risks:
 
à
The companies quoted on Greater Chinese stock exchanges are exposed to the risks of political, social and religious instability, expropriation of assets or nationalisation, rapid rates of inflation, high interest rates, currency depreciation and fluctuations and changes in taxation, which may affect income and the value of investments.
 
à
At present, the securities market and the regulatory framework for the securities industry in China is at an early stage of development. The China Securities Regulatory Commission (CSRC) is responsible for supervising the national securities markets and producing relevant regulations. The Investment Regulations, under which the Fund invests in the People's Republic of China (PRC) and which regulate repatriation and currency conversion, are new. The Investment Regulations give CSRC and State Administration of Foreign Exchange (SAFE) wide discretions and there is no precedent or certainty as to how these discretions might be exercised, either now or in the future. The Fund may, from time to time, obtain access to the securities markets in China via Access Products. Such products carry additional risk and may be less liquid than the underlying securities which they represent.
 
à
During the past 15 years, the PRC government has been reforming the economic and political systems of the PRC, and these reforms are expected to continue, as evidenced by the recently announced changes. The Fund's operations and financial results could be adversely affected by adjustments in the PRC's state plans, political, economic and social conditions, changes in the policies of the PRC government such as changes in laws and regulations (or the interpretation thereof), measures which may be introduced to control inflation, changes in the rate or method of taxation, imposition of additional restrictions on currency conversion and the imposition of additional import restrictions.
 
à
PRC's disclosure and regulatory standards are in many respects less stringent than standards in certain Organisation for Economic Co-operation and Development (OECD) countries, and there may be less publicly available or less reliable information about PRC companies than is regularly published by or about companies from OECD countries.
 
à
The Shanghai Stock Exchange and Shenzhen Stock Exchange have lower trading volumes than most OECD exchanges and the market capitalisations of listed companies are small compared to those on more developed exchanges in developed markets. The listed equity securities of many companies in the PRC are accordingly materially less liquid, subject to greater dealing spreads and experience materially greater volatility than those of OECD countries. These factors could negatively affect the Fund's NAV.
 
à
The Fund invests primarily in securities denominated in other currencies but its NAV will be quoted in US dollars. Accordingly, a change in the value of such securities against US dollars will result in a corresponding change in the US dollar NAV.
 
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The marketability of quoted shares may be limited due to foreign investment restrictions, wide dealing spreads, exchange controls, foreign ownership restrictions, the restricted opening of stock exchanges and a narrow range of investors. Trading volume may be lower than on more developed stockmarkets, and equities are less liquid. Volatility of prices can also be greater than in more developed stockmarkets. The infrastructure for clearing, settlement and registration on the primary and secondary markets may be underdeveloped. Under certain circumstances, there may be delays in settling transactions in some of the markets.

Martin Currie Inc, registered in Scotland (no BR2575)
Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EH11 2ES Tel: 44 (0) 131 229 5252 Fax: 44 (0) 131 228 5959 www.martincurrie.com/china North American office: 1350 Avenue of the Americas, Suite 3010, New York, NY 10019, USA Tel: (1) 212 258 1900 Fax: (1) 212 258 1919
 
Authorised and registered by the Financial Services Authority and incorporated with limited liability in New York, USA.
Please note: calls to the above numbers may be recorded.