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Fund Management Firms From Chinese Mainland, HK Step up Cooperation
China Southern Fund Management Company Limited and HSBC Asset Management (Hong Kong) Limited on Wednesday signed agreements over full-range cooperation in fund management in Shenzhen of Guangdong Province.
The cooperation will be carried out in fields such as product designing, marketing promotion, client service, business operational procedures and investment management.
Paul Chou, Chief Executive Officer of the Hong Kong company, explained that they were confident of the prospects with fund business in the Chinese mainland.
Expansion of the fund business on the Chinese mainland will go much faster after China's accession into the World Trade Organization (WTO), he went on.
There are now 33 funds in the Chinese mainland, four of which are managed by China Southern Fund Management Company, with the value worth 10 billion yuan (about US$1.21 billion).
Both Kaiyuan and Tianyuan funds under the Chinese mainland company fared well on the stock market, with the net asset increasing at a rate of 61.56 percent and 60.76 percent, respectively.
HSBC Asset Management (Hong Kong) Limited, also an international fund company, had managed funds worth US$141.9 billion by late 2000.
Luo Xindu, chairwoman of China Southern Fund Management Company, said she hoped the cooperation would help her company improve management and business innovative capacities, and eventually elbow their way into the international fund business market.
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