Funds News
- AMC plans $1.3b QDII fund in Sept.
Date: 8-Aug-2007 Sources: (Shenzhen Daily)
CHINA Asset Management Co. Ltd. (AMC) plans to launch its first qualified domestic institutional investor (QDII) fund in September to raise 8 billion to 10 billion yuan (US$1.06 billion-US$1.32 billion), a source close to the plan said yesterday.
The country's largest mutual fund company is among four Chinese fund houses that received the government's approval this month to invest domestic clients' money in overseas financial markets under the QDII scheme, aimed at encouraging capital outflows and broadening investment alternatives for local investors. Beijing-based China AMC, whose funds had a combined net asset value of more than 140 billion yuan at the end of June, also plans to launch a domestic A-share fund later this month to raise up to 5 billion yuan, the source told reporters.
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