Two more Chinese fund houses have received permission to roll out domestic gold ETFs, with managers saying they will drive competition despite a slumping gold price.
Tag : e fund
The UK bank, which became the latest offshore institution to be able to sell mutual funds on the mainland, has already added seven Chinese funds to its distribution platform.
The mainland fund house shuts its offshore emerging markets hedge fund less than two years after launch, following poor returns and low assets under management.
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China AMC and E Fund each receive an additional Rmb800 million for their RQFII fixed income products. Regulators are discussing how to further diversify the product range.
Fund houses expect to launch new and different types of product after CSRC chief vows to raise quotas by Rmb200 billion in response to demand plea from Hong Kong authorities.
The Chinese house has hired BBVA’s Asia equities head Eugene Lee as global head of sales and marketing. It comes as the Spanish bank shuts its equity sales and structuring desk.
The firm says it wants the flexibility of the RQFII scheme to be adopted in order to create a level playing field between Chinese, Hong Kong and foreign ETF operators.
Two offshore products tracking A-share indices are poised to be listed on the Hong Kong stock exchange, posing a challenge to existing synthetic ETFs.
China’s CSRC grants approval to four fund houses as they seek to launch physically backed A-share ETFs in Hong Kong under the second batch of RQFII quotas.
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Negative Chinese stock-market performance has hurt domestic mutual-fund returns, with not a single mainland asset manager making a profit in the second quarter.
