Second Domestic Mutual Fund Launched By Fortis Trousers RMB 13.2 Billion

Fortis Haitong Investment Management has launched its second mutual fund in the Chinese domestic market. During the launch period, which ran from 5 February to 9 March, the fund received subscriptions of RMB 13.15 billion, (EUR 1.3 billion), making it

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Fortis Haitong Investment Management has launched its second mutual fund in the Chinese domestic market.

During the launch period, which ran from 5 February to 9 March, the fund received subscriptions of RMB 13.15 billion, (EUR 1.3 billion), making it the single largest mutual fund and the largest IPO for all mutual funds in China to date.

With this IPO, the total assets managed by Fortis Haitong stands at RMB 15.7billion, (EUR 1.5 billion) representing approximately 12% of the totalmarket share of open-end funds in China.

The fund attracted 80% of subscriptions from retail clients and 20% from institutions, with a total of 200,000 account holders and an average subscription of EUR 5,500 on the retail side.

Fortis Haitong Income Fund is a balanced fund investing in both equity and fixed income securities. The objective is to achieve excess return while managing market risks. Sun Chen, who has 12 years’ experience in China’s capital markets, is the Fund Manager.

Fortis attributes the success of the second fund to the brand name of the company and the performance of the first fund. “From the beginning, Fortis Haitong has set its sights on becoming an industry leader in China through the combination of the skills and talents of Fortis Investments and Haitong Securities,” says a Fortis spokesman. “The success of the first two funds provides a very strong platform from which to build further into this role.”

Fortis Haitong Investment Management Co. Ltd. is a joint venture between Haitong Securities Company and Fortis Investments. It was established in April 2003.

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