China's NCSSF grants additional quotas
14 February 2013
By Asia Asset Management
China's National Council for Social Security Fund (NCSSF) has reportedly granted additional quotas to some of its mandates in a bid to take advantage of the recent upturn in the A-share market, according to a report from Shanghai Securities Journal.
Citing market sources, local media reported that the NCSSF renewed quotas for delegated fund managers that displayed outstanding track records last year, including ones that managed guaranteed mandates.
According to China's official news agency Xinhua, the NCSSF outsourced to an additional eight fund managers: Fullgoal, China Universal, GF, Da Cheng, HFT, ICBC Credit Suisse, CITIC Securities, and Yinhua in late 2010, boosting the total number of domestic delegated fund managers to 18.
The market source expects the NCSSF to increase quotas on the remaining mandates this year in order to balance its portfolio.
According to the NCSSF's latest annual report, the pension fund recorded an increase of 0.84% year-on-year to 868.8 billion RMB (US$137.9 billion) as of the end of 2011.
More News >
Discuss: China's NCSSF grants additional quotas