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China Selects First Open-Ended Fund Manager
The China Securities Regulatory Commission (CSRC) has selected Shanghai-based Hua'an Fund Management Company to start the country's first open-ended securities investment fund, a spokesman for the regulatory body said Sunday.
The spokesman said the selection is based on an appraisal by overseas experts of fund management firms' preparations and an assessment by the CSRC of their progress in a drive ordered by the regulators.
The house-cleaning drive was ordered by the CSRC last year following media reports of wide irregularities in the operations of the country's fledgling fund management industry.
Industry sources have said that they expect the country's first open-ended mutual fund to be launched in the middle of the year.
According to the spokesman, several other fund management firms have also finished the self-rectification work and is speeding up their preparations for their own open-ended funds.
The CSRC has also instructed fund management firms to carry out studies concerning the transformation of existing close-ended funds into open-ended funds, the spokesman said.
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