THURSDAY, APRIL 07, 2005
China banks enlist CSFB and Schroder to run MFs
REUTERS
SHANGHAI: Chinese banks cleared this week to trial mutual funds have picked CSFB and Schroder as partners, one bank and state media said on Thursday, signalling another move to help lumbering domestic lenders and beleaguered markets.
Shares rose 0.9% as investors cheered Wednesday’s news that three banks will be allowed to set up asset management arms and run mutual funds on a trial basis. Industrial and Commercial Bank of China (ICBC) will team up with US investment bank Credit Suisse First Boston and China Ocean Shipping.
Bank of Communications will work with Schroder Investment Management and China International Marine Containers. The other bank planning a fund, China Construction Bank (CCB), is yet to fix its partners.
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