Following the initial offer that was open from 28 July-12 August, the scheme opened for regular investment on 27 August. The fund is available only to institutional investors in China.
China International Fund is a joint venture between JPMorgan Asset Management (UK) and Shanghai International Trust.
JPMorgan Global Liquidity (China), the fund distribution arm of JPMorgan Chase Bank (China), is the exclusive distributor of the fund.
Paula Stibbe, head of global liquidity sales, Asia Pacific, JPMorgan AM, said: “China’s money markets continue to evolve, creating the opportunity for new products targeting corporate clients seeking higher yielding investments for their operating cash than what is available from traditional bank current accounts.”
The fund house claims the new fund is the first in China with the ability to offer institutional investors same-day liquidity for redemptions.
“Over the past 10-months, we have been actively working with our clients and China International to help bring to market the first institutional money market fund that aims to operate with the international standard of T+0 settlement on redemption in China,” Stibbe added.
In 2005, China International launched a similar fund using the platform of JPMorgan AM’s short-term fixed income investment arm, JPMorgan Global Liquidity.