Standard Chartered Bank (SCB) China announced the official launch of its domestic mutual funds in Shanghai, making it one of the first foreign banks to provide this offering in the mainland.
The bank will select funds with high performance track records, managed by selective domestic fund companies, covering all types of mutual funds with a combination of stocks, bonds and currencies.
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Building on expertise from its headquarters and other markets, a special team was set up for long term research on fund selection. The bank currently cooperates with top tier domestic fund management companies including China Asset Management, E Fond, China Southern, Bosera Asset Management, Guangfa Fund Management, China Universal Asset Management, and Bank of Communications Schroder Fund.
Commenting on the launch, Alexis Calla, Global Head, Advisory & Investment said: "This is a great development for our customers. With the addition of domestic mutual funds, we will now be able to expand our recommendations and offer solutions to our customers involving both domestic and international investment solutions."
"We have been analysing and recommending investments in the major Chinese asset classes to our customers outside of China for many years; we will now be able to bring this expertise to our wealth management customers in China. This is a major step forward in helping us be our customers’ trusted partner."
While the Global Investment Council of the bank holds a neutral short-term weighting on Chinese equities, there is still an interest in the Mainland’s equity market for diversification, especially for local investors.
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By GlobalDataSCB holds a positive outlook on China’s growth, with a belief that it will exceed developed markets over the long term.
