HSBC’s Chinese fund management is looking to create a life cycle fund, to raise up to $1.3 billion, Reuters reports.
The product will have a 20-year maturity if it is approved by the China Securities Regulatory Commission. HSBC plan to launch the product later this year.
“HSBC Jintrust is planning to launch another fund next year which will aim to invest money in overseas financial markets under China’s Qualified Domestic Investor scheme (QDII),” says Chief executive of HSBC Jintrust Fund Management.
HSBC has a 49 per cent ownership in HSBC Jintrust and now manages three funds with assets totalling $1.4 billion.