HSBC China wins approval to distribute mutual funds to retail investors in Mainland
27 June 2013
News, Asia, China, Global
By Asia Asset Management
HSBC Bank (China) (HSBC China) received approval on Wednesday (June 26) from the China Securities Regulatory Commission (CSRC) to be among the first batch of foreign banks to distribute domestic mutual funds to retail investors in China. HSBC China reports that it will launch such fund products soon.
Helen Wong, deputy chairman, president and CEO of HSBC China, said: “We are pleased to be one of the first foreign banks approved to distribute domestic funds in mainland China. HSBC China is fully prepared and will roll out this new offering across the country as soon as possible. This product offering not only supplements the existing range of wealth management products offered by foreign banks, but also broadens distribution channels for domestic funds. We look forward to bringing new concepts in fund distribution to China’s fund market while further expanding in the local wealth management market.”
HSBC China will at the initial stage offer domestic fund products managed by HSBC Jintrust Fund Management Company Limited (HSBC Jintrust). HSBC Jintrust is a joint venture of HSBC Global Asset Management and Shanxi Trust and Investment Corporation Limited.
Richard Li, head of retail banking and wealth management, HSBC China, said: “Domestic funds, QDII funds and structured products are all essential building blocks for investors’ portfolios despite their differences in investment themes and markets, risk appetites and level of capital protection. By adding domestic funds to HSBC’s range of wealth management solutions based on our customer-centric approach, HSBC will be better positioned to provide our customers with comprehensive investment tools that help them establish well diversified portfolios to capture investment opportunities in both domestic and overseas markets.
“HSBC China and HSBC Jintrust are both under the HSBC brand and share similar investment philosophy and principles. With our respective expertise in wealth and asset management, we can collaborate closely in domestic fund distribution. HSBC China plans to partner with more fund management companies and offer additional domestic fund products this year, further strengthening our wealth management platform.”
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