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ICBC Credit Suisse plans two funds in HK

The mainland joint venture firm will be offering its first global product to investors in Hong Kong.

ICBC Credit Suisse Asset Management International has received a greenlight from the Securities and Futures Commission (SFC) to launch two products: the ICBC Credit Suisse China Focused Equity Fund and the Global Fixed Income Fund.

The products, when launched, will mark the firm’s first SFC-authorised equity and global funds.

Established in 2011, ICBC Credit Suisse AM International is the wholly-owned subsidiary of Beijing-based ICBC Credit Suisse Asset Management Company, which is the joint venture between Credit Suisse and Industrial and Commercial Bank of China.

In China, the firm is the fourth largest onshore manager, with around RMB 541bn ($81.02bn) in assets, according to data from Morningstar.

Parent group ICBC offers two multi-asset funds in Hong Kong via the Mutual Recognition of Funds scheme — the ICBCCS China Core Value Mixed Fund and the China Prudent Growth Mixed Fund, according to the firm’s website.

FSA sought more information from the firm, but it did not reply in time for publication.

In 2016, the joint venture firm partnered with New York-based ETF manager Wisdomtree to jointly launch ETFs tracking the S&P China 500 Index.

The Wisdomtree ICBCCS S&P 500 China ETF was first launched in London in August 2016 and was listed in New York in December 2017. Last year, the product was also launched in Canada.

Separately, the Hong Kong regulator this month also approved the Schroder ISF Multi Asset Growth and Income Fund and the China AMC Select Money Market Fund, SFC records show. The Schroder fund is already available to accredited investors in Singapore, according to FE data.

Part of the Mark Allen Group.