Funds News
- ABN AMRO stock fund well received
Date: 30-Jul-2007 Sources: (Shenzhen Daily)
DUTCH bank ABN AMRO's fund arm in China has attracted more than 9 billion yuan (US$1.2 billion) in subscriptions for a stock fund it launched Thursday, a company source said Friday.
The fund, which could invest 60 to 95 percent of its proceeds in the domestic A-share market, drew more than 6 billion yuan Thursday, company officials said earlier Friday.
Total subscriptions swelled to more than 9 billion yuan by late afternoon, the source said.
'The sale is going OK. It should not be a problem to raise a total of 12 billion yuan by next week,'said the source, who asked not to be identified because he was not authorized to disclose the figure.
A spokeswoman at Beijing-based ABN AMRO TEDA Fund Management Co., in which ABN AMRO holds a 49 percent stake, said she had not yet received updated statistics from the company's distribution channels, mainly domestic commercial banks.
The fund, one of several products approved by regulators this month, will be open for more subscriptions until it hits 12 billion yuan.
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