HSBC wins approval to distribute domestic funds in China
02 August 2013
News, China, Global
By Asia Asset Management
HSBC Bank (China), one of the first batch of foreign banks to receive approval from the China Securities Regulatory Commission (CSRC) Shanghai Branch to distribute domestic funds to retail investors in China, announced that it started distributing domestic funds on Thursday (August 1). The move allows the firm to start distributing domestic funds in 22 cities across the Mainland.
HSBC China has selected six open-ended funds managed by HSBC Jintrust, including various fund types such as equity, balanced and bond funds.
Richard Li, head of retail banking and wealth management, HSBC China, said: “We are pleased to partner with HSBC Jintrust to offer domestic funds to our clients. 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 RMB investment products to accommodate their needs for diversification into local and overseas markets. Our plan to continue to enhance our wealth management platform, such as by gradually expanding our local fund distribution to more cities in China, will be aligned with both clients’ and our business development needs.”
Wang Dong, chief executive officer of HSBC Jintrust Fund Management, said: “HSBC Jintrust fully supports the client-centric approach and the philosophy of providing all-round wealth management solutions adopted by HSBC China to help clients allocate their assets, diversify risk exposure and make long-term investments. Moreover, the one-to-one client relationship model allows HSBC China to offer more professional services with their better understanding of clients’ financial situation and investment experience. By leveraging HSBC’s global expertise and its local fund distribution network, it is believed that the relatively mature wealth management concepts developed outside of China can further be pushed forward locally.”
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