Schroders China JV to launch first overseas fund

BEIJING (Reuters) – Bank of Communications Schroders Fund Management Co is aiming to raise up to 1 billion yuan for its first overseas fund later this month, despite sliding global financial markets, two company sources said.

Poor market conditions have sapped interest in funds launched recently under China’s Qualified Domestic Institutional Investor QDII.L scheme, which offers residents the chance to diversify their portfolios by buying global stocks and bonds.

In May, Yinhua Fund Management Co raised just 417 million yuan for China’s seventh QDII fund from a fund-management firm, far below its $2 billion target.

One of the sources said Bank of Communications Schroders was under pressure from the securities regulator to start marketing its first fund if it wanted to secure permission to launch others later.

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