{"id":36696,"date":"2023-11-23T06:57:55","date_gmt":"2023-11-23T06:57:55","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/fidelity-international-raises-700-million-in-its-first-china-bond-mutual-fund\/"},"modified":"2023-11-23T06:57:55","modified_gmt":"2023-11-23T06:57:55","slug":"fidelity-international-raises-700-million-in-its-first-china-bond-mutual-fund","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=36696","title":{"rendered":"Fidelity International raises $700 million in its first China bond mutual fund"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

SHANGHAI\/SINGAPORE (Reuters) -Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager’s involvement in the $3.8 trillion mutual fund market.<\/p>\n

Its China Managing Director Helen Huang told Reuters in an interview Fidelity is lobbying Chinese regulators to relax stringent data security rules to allow cross-border sharing of research so that it can better utilise its growing capabilities in the country. <\/p>\n

\u00a0\u00a0\u00a0 The bond fund – Fidelity’s second mutual fund product in China – raised the sum mainly from institutional investors in a three-week, shortened subscription period, the money manager said. <\/p>\n

China’s mutual fund industry is crowded with over 150 players, including foreign ones such as BlackRock (NYSE:), Schroders <\/span><\/span> (LON:) and JPMorgan Asset Management.<\/p>\n

\u00a0\u00a0\u00a0\u00a0“The fundraising size is rather encouraging,” due to tough competition in the local market and Fidelity’s limited track record in China, said Huang, who heads Fidelity International’s two-year-old China mutual fund unit.<\/p>\n

\u00a0\u00a0\u00a0\u00a0Over 200 bond products have been launched in China this year, which raised 2.28 billion yuan on average. Rival Neuberger Berman raised 4 billion yuan in its first bond product in China in March. <\/p>\n

The new fund mainly invests in government bonds, and Fidelity International aims to gradually broaden its fixed-income offering in China to include investments in corporate bonds, green bonds, and even convertibles, said Alvin Cheng, portfolio manager at FIL Fund Management (China) Co Ltd, the China unit.<\/p>\n

DATA SECURITY <\/p>\n

Fidelity International was formerly the international investment arm of Boston-based Fidelity Investments before being spun off. It manages more than $700 billion.<\/p>\n

Huang said Fidelity International will broaden its product lines in China and capitalise on the group’s global strength in pension management and sustainability investing. <\/p>\n

\u00a0\u00a0\u00a0\u00a0But Fidelity has not been able to fully exploit its capabilities in China due to the country’s data security rules, which restrict export of information Beijing considers sensitive. <\/p>\n

\u00a0\u00a0\u00a0 Currently, research data and reports generated by the asset manager in China cannot be transferred offshore.<\/p>\n

“Our proposal is that we hope regulators would allow us to share the fruit of our research within the group,” Huang said.<\/p>\n

\u00a0\u00a0\u00a0 ASIFMA, the financial lobby group, has also said that China should allow cross-border sharing of information by financial firms operating in the country. \u00a0\u00a0\u00a0\u00a0<\/p>\n

\u00a0\u00a0\u00a0 “Regulators are seriously discussing the matter …and we are optimistic toward possible changes,” Huang said.<\/p>\n

\u00a0\u00a0\u00a0\u00a0Fidelity is patient in its business expansion, she said, as the asset manager lays the groundwork in China for multi-asset allocation, seeks a license to help Chinese invest offshore, and eyes a share in the country’s pension market.<\/p>\n

The China Securities Regulatory Commission, which oversees the country’s asset management industry, did not immediately respond to an emailed request for comment. <\/p>\n

($1 = 7.2111 renminbi)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. SHANGHAI\/SINGAPORE (Reuters) -Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager’s involvement in the $3.8 trillion mutual fund market. Its China Managing Director Helen Huang told Reuters in an interview Fidelity is lobbying Chinese regulators to relax stringent<\/p>\n","protected":false},"author":1,"featured_media":12563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-36696","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nFidelity International raises $700 million in its first China bond mutual fund | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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