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Deal to use S&P's index for products
By Zhang Yi |
March 17, 2009, Tuesday
|
Print Edition
Print Edition
CHINA Southern Fund Management Co said yesterday that it has signed an agreement with Standard & Poor's to launch overseas investment products based on a key index provided by the United States company.
China Southern Fund said that it will become the exclusive Chinese fund house to develop asset-management products that track the benchmark Standard & Poor's 500 stock index, it said in a statement on its Website.
The products will allow mainland investors to gain access to a range of US-listed blue chips including Exxon Mobil, Microsoft Corp, Wal-Mart Stores and IBM, the statement said.
China unveiled a Qualified Domestic Institutional Investor, or QDII, scheme in 2006 for financial institutions to help individuals invest in overseas equity markets. So far, about US$40 billion of QDII funds have been launched.
Major stock indexes in overseas markets including the S&P 500, have more than halved from their highs as the global financial crisis took a bigger toll on the world's economies late last year.
"As the global financial crisis has crippled overseas stock markets, it seems a good time for Chinese investors to look abroad for bargains," said Luo Qunli, an Orient Securities trader. "But investors should take a long-term view and not expect a quick return as it may take a long time for foreign markets to recover."
China Southern also said that it will develop customized QDII products for large institutional clients and wealthy individuals.
China Southern Fund said that it will become the exclusive Chinese fund house to develop asset-management products that track the benchmark Standard & Poor's 500 stock index, it said in a statement on its Website.
The products will allow mainland investors to gain access to a range of US-listed blue chips including Exxon Mobil, Microsoft Corp, Wal-Mart Stores and IBM, the statement said.
China unveiled a Qualified Domestic Institutional Investor, or QDII, scheme in 2006 for financial institutions to help individuals invest in overseas equity markets. So far, about US$40 billion of QDII funds have been launched.
Major stock indexes in overseas markets including the S&P 500, have more than halved from their highs as the global financial crisis took a bigger toll on the world's economies late last year.
"As the global financial crisis has crippled overseas stock markets, it seems a good time for Chinese investors to look abroad for bargains," said Luo Qunli, an Orient Securities trader. "But investors should take a long-term view and not expect a quick return as it may take a long time for foreign markets to recover."
China Southern also said that it will develop customized QDII products for large institutional clients and wealthy individuals.
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