Funds News
- China Asset raises US$1.68b for fund
Date: 21-Dec-2007 Sources: (Shenzhen Daily)
CHINA Asset Management Co. raised 12.4 billion yuan (US$1.68 billion) for a domestic equity fund it launched for sale in late November, picking up cash much more slowly than similar issues earlier in the year.
The sale, which converted one of its closed-end funds, boosted the total size of the resulting product to 15 billion yuan, the company said Thursday. The Beijing-based fund house oversees more than 250 billion yuan for over 10 million clients. It took China Asset three weeks to raise the money for the listed open-ended fund, it said, a far cry from the 10 billion yuan drawn in a single day by some new equity funds during the stock market bull run earlier this year.
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