A new international asset management joint venture backed by one of the biggest money managers in mainland China hopes to managed more than $3 billion by the end of next year, its chief executive said.
CSOP Asset Management Ltd, which is 70 percent owned by China Southern Fund Management Co, is also applying for quota under China's Qualified Foreign Institutional Investor programme to allow it to directly invest cash raised abroad in Chinese markets, Huifeng Chang, CSOP's chief executive, said.
"The mission of the company is to serve the investors as a gateway for cross border investment flows into and out of China. And eventually we aim to become a premier global asset manager," he told Reuters in an interview.
"All this global capital is looking for asset managers who can help them to invest into the Chinese market." China Southern said it obtained regulatory approval for the Hong Kong-base venture, becoming the first mainland Chinese fund company to expand overseas. Chang said the venture would launch with about $1.2 billion in assets raised from mainland investors last year.
Comments
Comments are closed.