CMBC Asset Management (CMBC AM) in Hong Kong has received approval from the Securities and Futures Commission (SFC) to launch the CMBC Aggregate Greater China Select Bond Fund to retail investors in the SAR, according to records from the regulator.
When launched, this will be the first retail product that the firm will be managing, the records show.
FSA sought more information from CMBC AM, but the firm was not able to provide more details in time for publication.
CMBC AM is the asset management arm of Hong Kong-listed CMBC Capital, which is a wholly-owned subsidiary of China Minsheng Banking Corporation (CMBC) in Hong Kong, according to the firm’s website. CMBC’s other businesses include IPO sponsorship and underwriting, mergers and acquisitions and restructuring financial advisory, overseas bond issuance and structured financing.
CMBC in Hong Kong is the overseas branch of Beijing-headquartered China Minsheng Bank. The Chinese bank also has a fund management business in the mainland, Minsheng Royal Fund Management, which managed RMB 156bn ($22.3bn) in assets as of the end of March, according to data from Morningstar Direct.
In Hong Kong, CMBC AM was first registered with the SFC in 2015. It received its asset management (Type 9) licence in December that year and then was granted an advising on securities (Type 4) licence in September 2018, according to the regulator’s records.
CMBC AM focuses on cross-border asset management services, fund management, investment consulting services and wealth management, according to the firm’s website. Its investment team consists of specialists in Chinese offshore US dollar-denominated bonds and Greater China equities.
The big four Chinese banks, Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC) and China Construction Bank (CCB) also have branches in Hong Kong with asset management subsidiaries. They are BOCHK Asset Management, ICBC Asset Management (Global) Company, ABC International Asset Management and CCB International Asset Management.