Standard Bank China said it will select funds with track records of high performance, managed by selective domestic fund companies covering “all types” of mutual funds in the market, including stocks, combination funds, bonds and currencies.
Alexis Calla, global head, advisory & investment said: “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.”
Standard Chartered said it currently sells products from top tier fund managers, including China Asset Management, E Fond, China Southern, Bosera Asset Management, Guangfa Fund Management, China Universal Asset Management, and Bank of Communications Schroder Fund.
The bank said it began to prepare for domestic fund sales as far back as 2008 through close communication “with many leading fund management companies reaching preliminary agreements in 2009 with China Asset Management, Guangfa Fund, Bank of Communications Schroder Fund, Bosera, and Fortune SG Fund, amongst others”.
Chan Tuck Keong, head of onshore funds added: “This development has been a long time in the making.
“We have completed our due diligence on few leading fund houses in China and, we believe that we have fund houses that both have the right mentality towards the asset management business and also have a product offering that of superior quality to other providers in the market.”
