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Hang Seng reaches fund sales agreement with CCB
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Hang Seng Investment Management Ltd, a wholly-owned subsidiary of Hang Seng Bank, has reached cooperation with China Construction Bank on fund sales, expanding its fund distribution to the Chinese mainland via the mutual fund recognition scheme.
Under the agreement, mutual funds of Hang Seng will be sold through branches of China Construction Bank, the country’s fourth largest lender, Hang Seng said in a press release.
The first batch of two funds are the Hang Seng Index Fund with asset under management of HK$2.3 billion (US$297 billion) and the HK$1-billion Hang Seng China H-Share Index Fund.
The agreement came after the Mutual Recognition of Funds scheme became effective on July 1, allowing fund domiciled in Chinese mainland and Hong Kong to be sold in each other’s market.
“Leveraging CCB’s professional custodian services and extensive retail network on the mainland, we can provide funds to mainland investors for selection,” said Andrew Fung, executive director and head of Global Banking and Markets at Hang Seng Bank.
Hang Seng is also working with mainland fund houses on a plan to provide Hong Kong customers with mainland-domiciled funds, it said.
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