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| Licenses Issued for Equity Products |
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[ 作者: 加入时间:2008-02-19 17:10:52 来自:
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The Chinese stock regulator has issued the first batch of licenses to allow fund managers to launch quasi-private equity products in a bid to help them diversify, industry sources said yesterday.
At least nine mainland fund firms have been approved to unveil so-called segregated account management services for high-end retail and corporate clients, according to industry sources.
The China Securities Regulatory Commission granted the wealth-management licenses late last week and is considering expanding the program to other fund houses by the end of the first quarter, the sources said.
The stock authorities in January worked out rules to kick off the new service, which permits fund companies to pool capital from selected retail and institutional investors and help them trade securities.
The so-called segregated accounts should feature no less than 50 million yuan (US$6.94 million) each while fund managers can charge performance fees of up to 20 percent of the investment gains.
"It will surely add a new revenue channel for fund firms," said Luo Ming, an investment consultant at Bank of China. "The competition in the wealth-management industry is likely to be intensified."
Chinese financial authorities late last year issued rules to allow brokers to launch private-equity products and manage assets of individual investors on a collective basis to help them counter growing market volatility.
Commercial lenders are also gearing up bids to win clients for wealth-management businesses.
The sources noted that selected fund companies are expected to start trials for segregated account management within coming weeks while the program is set to be operated on a broad basis in the second quarter.
China Southern Fund Management, E-Fund Management, Penghua Fund Management, Guotai Asset Management, China Universal Asset Management, Zhonghai Fund Management and Lion Fund Management have received licenses, the sources said.
ICBC Credit Suisse Asset Management, a venture between Credit Suisse and Industrial & Commercial Bank of China, and Harvest Fund Management were also approved, they said. |
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