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Penghua Fund Management has teamed up with one of China''s largest banks to launch the country''s first open-end fund.
Shenzhen-based Penghua Fund Management and the Industrial and Commercial Bank of China (ICBC) have signed a cooperation agreement this week to launch China's first open-end fund. With more than 37,000 branches and offices (1995 figures) across the country, ICBC could offer Penghua a distribution network unequalled by any newcomers in the near future.The announcement on Monday follows local media reports that Hong Kong fund manager Jardine Fleming is in talks with a mainland manager, H…
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