国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

ICBC ends deal with Credit Suisse as adviser to fund JV

(Agencies)
Updated: 2009-02-24 15:01

Industrial and Commercial Bank of China's (ICBC) fund venture with Credit Suisse said on Tuesday it has ended an overseas investment consulting agreement with the Swiss bank after building up its own asset management expertise.

The venture, whose year-old overseas investment fund has lost nearly half its value since its launch, said it was the first to cancel its foreign adviser arrangement but predicted more Chinese funds would follow suit as they gain experience investing overseas.

Related readings:  Foreign funds outperform in China rally  ICBC reports 14% rise in 2008 loans  Banks' QDII funds suffer overseas losses  China QDII funds under-performed benchmarks last year

"This should be China's first QDII (qualified domestic institutional investor) product to invest abroad independently," said Li Datao, a marketing representative at ICBC Credit Suisse Asset Management Co.

"I believe that as more Chinese talent with overseas investment experience returns home, more QDII products will become independent."

The venture's Global China Opportunity Equity Fund was launched in February 2008 under China's QDII scheme, which allows Chinese mainlanders to invest in overseas markets.

Chinese fund managers, banks and brokerages scrambled to team up with overseas investment banks such as Credit Suisse, Goldman Sachs and Lehman Brothers Holdings to sell overseas investment products after the government launched the QDII scheme in 2006.

But the ensuing global financial crisis slashed the value of QDII products and sapped investor demand. As of Feb 6, ICBC Credit Suisse's QDII fund posted net assets per unit of 0.556 yuan, compared with a face value of 1 yuan.

In September 2008, China's first QDII fund, managed by Hua An Fund Management Co, halted redemptions after the collapse of Lehman Brothers, its overseas investment adviser and business partner.

When the venture launched its QDII fund a year ago, it hired Credit Suisse to help invest in non-Chinese firms, which account for 50 to 70 percent of the fund's portfolio. Many QDII funds focus on Chinese firms listed overseas.

But now, the venture, 55 percent controlled by ICBC, China's biggest lender, has several experienced QDII fund managers of its own, giving it the ability to manage all of its assets, the company said in a statement.

Analysts said, however, that the government was still likely to urge funds to take a cautious approach to overseas investing and maintain ties to foreign advisers.

"I think regulators still want to see Chinese funds use foreign expertise investing overseas because they still lack adequate experience," said Zhang Haochuan, an analyst at Shanghai-based fund consultancy Z-Ben Advisors Ltd.