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China Moves Closer to Open-end Mutual Funds
China's regulators plan to introduce open-end mutual funds on the market, China Securities, a Beijing-based newspaper, reported Tuesday.
According to the report, Shenzhen-based Penghua Fund Management Co. has signed an cooperation agreement on open-end mutual funds with the Industrial and Commercial Bank of China.
Under the regulators plan to develop institutional investors, China's mutual funds have been expanding quickly in the last two years.
The country now has 28 closed-end mutual funds listed on the Shanghai and Shenzhen bourses, managing assets worth 70 billion yuan (US$ 8.43 billion).
Analysts said open-end mutual policies will attract more investors and provide new challenges for fund managers.
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