ICSAM gets nod from CSRC to form special investment vehicle
20 November 2012
By Asia Asset Management
ICBC Credit Suisse Asset Management (ICSAM) has become the first onshore asset manager in China to be allowed to form a special investment vehicle. The new enterprise will mainly engage in unlisted equities and bonds as well as other property rights of non-listed firms.
ICSAM said in a statement that the firm had received the green light from the China Securities Regulatory Commission (CSRC) on November 16. This followed the revised ‘Trial Measures for Fund Management Companies to Provide Asset Management Services for Specific Clients’ which came into effect on November 1.
The measures outline that domestic fund managers should set up special subsidiaries in order to invest in the equities, bonds and other property rights not transferred through stock exchanges. The initiatives are aimed at extending the investment scope of mutual funds from secondary markets to the equity investment field.
ICSAM Chief Executive Officer Guo Tehua said the new investment arm will enable the group to build up a wider investment platform.
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Discuss: ICSAM gets nod from CSRC to form special investment vehicle