Firms seal mutual fund pact
Print Edition
HANG Seng Investment Management Ltd, a wholly owned subsidiary of Hang Seng Bank, is cooperating with China Construction Bank to sell funds as it seeks to expand its fund distribution to the Chinese mainland via the mutual fund recognition scheme.
The partners signed an agreement for mutual funds of Hang Seng to be sold through branches of CCB, one of China’s top-four lenders, Hang Seng said in a press release.
The Hang Seng Index Fund with assets worth HK$2.3 billion (US$297 million) under management and the HK$1 billion Hang Seng China H-Share Index Fund will be the first two funds to be sold.
The pact was inked after the Mutual Recognition of Funds scheme took effect on July 1, allowing funds domiciled on the 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,” said Andrew Fung, executive director at Hang Seng Bank.
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