HSBC China, which received approval from the China Securities Regulatory Commission (CSRC) Shanghai to distribute domestic funds to retail investors in China, has started distributing domestic funds on 1 August 2013, according to The Asset.com.
This move marks the start of its distribution of domestic funds in 22 cities in the mainland, which is regarded as the largest branch network for local fund distribution among foreign banks.
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HSBC China has selected six open-ended funds managed by HSBC Jintrust, including various fund types such as equity, balanced and bond funds and the selection follows bank’s client-oriented strategy including clients risk appetites and investment preferences.
Richard Li, head of retail banking and wealth management, HSBC China, said: "Based on our thorough understanding of their needs, we have carefully evaluated the stability and risk management of HSBC Jintrust funds and selected products that cover different risk levels, themes and asset classes to suit different risk appetites and varying asset allocation needs.
"By adding domestic mutual funds to our wealth management platform, we can provide our clients with more comprehensive, one-stop wealth management solutions and more renminbi investment products to accommodate their needs for diversification into local and overseas markets.
"Going forward, our plan to enhance our wealth management platform and local fund distribution to more cities in China, will be aligned with both clients’ and our business development needs," he added.
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