China Universal launches groundbreaking fund
09 November 2012
News, Asia, China
By Hui Ching-hoo
China Universal, China’s 12th largest asset manager, announced on Thursday (November 8) that the firm has received approval from the regulator to launch its first money market fund, Tianfu Kuaixian, offering a T+0 settlement.
This represents a landmark in terms of fund innovation. With the settlement basis, investors can subscribe to the fund and receive the return on the same day. In addition, the subscription and redemption of the fund can take place within the same trading day. This mechanism ensures investors’ money liquidity.
China Universal is planning to roll out the product in the near future.
Analysts note that, in view of the bearish conditions in the A-share market, the fund will improve market liquidity by attracting savings funds and stabilising money supply in China’s capital market.
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