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Regulator gives nod to novel fund

(Shanghai Daily)
Updated: 2007-07-04 13:02

ICBC Credit Suisse Asset Management Co said yesterday it has won regulatory approval to unveil an innovative mutual fund, set to catch up with rival UBS AG's mainland fund venture to upgrade product scope.

Related readings:  ICBC raises $585m in China's largest QDII fund  Mutual funds leap in 1st half, top US$198.4b  Stock regulator's action cuts number of mutual funds issued Special Coverage: Markets Watch

T he fund firm, jointly owned by China's biggest lender and Credit Suisse, will soon market the product, which is expected to be a closed-end fund for the first year and then convert into an open-end product, it said in a statement.

The fund is allowed to place up to 100 percent of it assets into stocks in the first year of operation and is set to churn out dividends to investors at least once each quarter, according to the statement.

China's stock regulator is encouraging fund managers to beef up product innovation and re-launch the sales of closed-end funds, a practice not seen since 2001, when the market started to embrace open-end products.