AMP Capital has averted a showdown with a hedge fund over its China Growth Fund and unveiled a timetable to improve its performance.

A unit holder meeting called for Oct. 30 by LIM Advisors, a Hong Kong-based hedge fund overseeing about $2 billion, won’t go ahead, AMP Capital said in a statement to the Australian stock exchange Monday. The Sydney-based asset manager will instead call a meeting in July after evaluating measures to reduce the discount to the net asset value that the stock fund is trading at, it said.

The adjournment of the unit holder meeting will allow AMP Capital to determine how the proposed changes have performed and whether the fund is “fit for purpose,” AMP said in the statement. Last month, the Australian firm revealed plans to implement the Shanghai-Hong Kong stock trading platform, improve the marketing of the China Growth Fund, establish an advisory committee, provide daily net asset value estimates, and clarify the components of the fund’s fees.

LIM had wanted a meeting to thrash out ways to impose a 10 percent discount ceiling on the fund. The closed-end pool that invests in yuan-denominated shares listed in China traded about 14.8 percent below its net asset value on Oct. 12.

AMP Capital, which proposed on Sept. 23 to adopt a 15 percent discount reference point for the fund, said Monday it will consider additional ways to trim that if the measures fail.

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