UBS SDIC, Changsheng Fund to apply for China corporate annuity licences |
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Thu, 30 Aug 2007 05:27
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BEIJING (XFN-ASIA) - UBS SDIC Fund Management Co Ltd and Changsheng Fund Management Co Ltd will submit applications for the second batch of corporate annuity licences, spokespersons for the two funds told XFN-Asia.According to media reports, more than eight other fund managers will also submit applications.UBS SDIC Fund Management was jointly set up in 2002 by UBS and SDIC Hongtai Trust & Investment Co, a unit of the State Development & Investment Corp.Changsheng Fund Management, with registered capital of 100 mln yuan, was founded in 1999.DBS Asset Management, a wholly-owned subsidiary of Singapore's DBS Group, holds a 33 pct stake in Changsheng, Guoyuan Securities Co Ltd holds 41 pct, and Anhui Provincial Innovation Investment Co Ltd and Anhui Provincial Investment Group Co Ltd hold 13 pct each.China will new licenses to corporate annuity managers from September, the Ministry of Labor and Social Security has said.The ministry plans to license about 20 more corporate annuity managers, including six trustees, five account managers, four fund custodians, as well as five fund managers.Applications for trustees and account managers are to be accepted Sept 18-20, with those for fund custodians and fund managers taken in on Sept 24-26.China approved the first batch of corporate annuity market participants in 2005, with 37 institutions acting as trustees, account managers, fund custodians and fund managers. None of them is currently allowed to take more than one role in the market.China has reportedly promised to open the corporate annuity market to qualified foreign fund managers.(1 usd = 7.55 yuan)ivy.cheng@xinhuafinance.com-xfnic/xfntmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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China to license more corporate annuity managers from September - ministry 