Fidelity International has completed the initial fundraising for its fourth mutual fund product in mainland China.
Managed by Lynda Zhou, the fund is an equity income strategy and raised Rmb925m ($127.8m) in the process.
The fund’s major distribution channels are Citic Bank and Citic Securities. Other distribution channels include China Merchants Securities, Haitong Securities, Ant Financial, Tencent Anxin, Tian Tian, JD.com, Xueqiu and Yingmi.
“We are delighted to see investors’ positive reception of our new equity income product. Built on Fidelity’s research expertise and strong stock picking capabilities, the fund stands out as one of the very few actively managed equity income funds in China,” said Helen Huang, managing director for China at Fidelity.
“The launch of the fund also marks the first time that we bring Fidelity’s well-recognised global equity income family to the China market. We highly appreciate the robust support from Citic as our custodian bank and distribution channel.”
“The successful product launch is another significant achievement resulting from our strategic partnership with the Citic group established since last year.”
