Schroders China fund JV wins approval to launch first QDII fund product

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BEIJING, May 13, 2008 (XFN-ASIA via COMTEX) -- -- Bank of Communications Schroder Fund Management Co Ltd, the Schroders China fund joint venture, said it has won regulatory approval to launch its first fund product under China's Qualified Domestic Institutional Investor (QDII) scheme.

"There is no a specific launch date yet but we will launch the fund as soon as possible," a spokesperson for the fund told XFN-Asia.

The first product will invest in global stock markets including Hong Kong, the company said.

The fund is permitted to invest up to 100 pct of its assets in stocks.

The custodian is China Construction Bank.

Bank of Communications Schroder Fund Management said its foreign shareholder, Schroders, will serve as its overseas investment adviser.

The joint venture, with registered capital of 200 mln yuan, was set up by Bank of Communications, Schroder Investment Management Ltd and China International Marine Containers (Group) Ltd (CIMC) in 2005.

Bank of Communications holds a 65 pct stake, Schroder Investment holds 30 pct and CIMC 5 pct.

(1 usd = 7.0 yuan)

ivy.cheng@xinhuafinance.com

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