China Travel & Tourism News
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China Construction Bank sets up fund manager
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| 28-Sep-2005 - Xinhua |
A fund manager that is 65 percent owned by the China Construction Bank (CCB) went into operation here Wednesday.
The CCB Principal Asset Management Co. Ltd. will invest in China's stock, bonds and monetary markets, board chairman Jiang Xianzhou told the press.
Commercial bank-run fund managers are both conducive to the diversified management of financial institutions and the stable, healthy development of China's capital market, analysts say.
The Industrial and Commercial Bank of China, the country's biggest bank, has already set up a fund management company after the central bank gave the green light for commercial banks to do business earlier this year.
The CCB Principal is registered with capital of 200 million yuan (24.7 million US dollars). The US Principal Financial Group and China Huadian Group hold the remaining 25 percent and 10 percent stakes, respectively.
Chairman Jiang Xianzhou said that his company would take advantage of the US Principal's sophisticated investment and management expertise and build advanced corporate governance in a bid to make it a successful asset manager.
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| 28-Sep-2005 - Xinhua |
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