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Fortis pays dividend on foreign investment

FORTIS NV's special fund for Chinese mainland investors has become the first fund of its kind to issue dividends. Chinese investors have been able to invest in overseas stock markets since 2006, under the Qualified Domestic Institutional Investor scheme. This is the first time a QDII investment fund has paid a dividend.

Fortis's China Overseas Best Selection Fund will pay 0.2 yuan (3 US cents) in dividend for every 10 units held by investors, Fortis Haitong Investment Management Co said in a statement yesterday.

The fund was launched in June last year but suffered major losses in the second half of the year as financial turmoil hit global stock markets. It has since restructured its portfolio and shifted to undervalued shares and sectors in the United States and Hong Kong markets.

Meanwhile, Bank of Communications Schroder Fund Management Co announced yesterday that it has signed a contract to manage funds for a Chinese business. The bank did not release the name of the business.

The China Securities Regulatory Commission in March gave the bank a license to offer investments in hedge funds and other high-risk foreign products.


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