Boshi links new fund to Xinhua FTSE A200 Composite Index for QDII scheme
Wu Xiongwei, chairman of Boshi Fund Management Co Ltd, said its decision to link its new open-ended fund, Boshi Yufu, to Xinhua FTSE's A200 Composite Index, was done with China's Qualified Domestic Institutional Investor (QDII) scheme in mind.
When it is launched, the QDII scheme will allow Chinese residents to make direct portfolio investments in Hong Kong and overseas stock markets.
Speaking at a news conference, Wu added that Boshi, one of six firms chosen to manage China's Social Security Fund, had completed all its preparation for the scheme, and is now waiting for the go-ahead from the government.
The announcement was made at a meeting to announce formally the signing of a cooperative agreement between Boshi, Xinhua FTSE Index Company (XFI) and Barclays Global Investors-North Asia Ltd, to use XFI's FTSE A200 Composite Index as Boshi's basis for index tracking.
The Boshi Yufu fund will be the first index fund in China whose investment will cover Shanghai and Shenzhen large cap shares as well as the bond market. Xinhua FTSE's China A 200 Composite Index is composed 75 pct of the Xinhua/FTSE China A200 Index, and 25 pct of the Xinhua/FTSES China Government Bond Index.
Fredy Bush, CEO of XFN and director of the Xinhua/FTSE Index (XFI), said at the meeting that more announcements on firms using the Xinhua/FTSE tracking index will be forthcoming soon. He would not be drawn on any specific details.
The total assets of the Social Security Fund rose 54 pct to 124.2 bln yuan at the end of 2002, up 54 pct from the 80.5 bln at the end of 2001. Regulations state that it must not hold less than 50 pct of its assets in bank deposits and treasury bonds, and will be allowed to invest up to 40 pct of its capital in stocks and investment funds and up to 10 pct in corporate and financial bonds.
The QDII scheme was proposed after the 1997 Asian financial crisis, but has yet to receive formal approval by the Chinese government.
China's Boshi Management ready for go-ahead on Social Security Fund
Boshi Fund Management Co Ltd, one of six firms chosen to manage China's Social Security Fund, has completed all of its preparations for the ground-breaking scheme, and is awaiting the formal go-ahead, company chairman Wu Xiongwei said.
""We finished all the preparations for the Social Security Fund last month, "" he told reporters.
He did not say when the formal green light was expected.
China has been trying to gain higher returns for its Social Security Fund as it tries to create a reliable social safety net for tens of millions of urban workers. It has brought in professional fund managers as part of that plan.
Total assets of the Social Security Fund rose 54 pct to 124.2 bln yuan at the end of 2002, up 54 pct from the 80.5 bln at the end of 2001.
Regulations state that the fund must not hold less than 50 pct of its assets in bank deposits and treasury bonds, and will be allowed to invest up to 40 pct of its capital in stocks and investment funds and up to 10 pct in corporate and financial bonds.
Wu made the statements at a news conference on the signing of a cooperative agreement linking Boshi, Xinhua FTSE Index Co and Barclays Global Investors North Asia Ltd, for the use of XFI's FTSE A200 Composite Index.
Boshi's new open-ended fund, Boshi Yufu, will use the Xinhua FTSE's A200 Composite Index as the basis of its index tracking calculations. Barclays will provide technical support to Boshi.
Fredy Bush, CEO of XFN and director of the Xinhua FTSE Index Co, said at the same news conference that China recognized the importance of an independent and transparent index.
Bush said more announcements on firms using the Xinhua/FTSE tracking index would be forthcoming soon, but did not give details.
巴克莱与中国博时基金合作建立指数基金
巴克莱国际投资管理北亚有限公司(Barclays Global Investors North Asia Ltd.)和中国博时基金管理公司(Boshi Fund Management Co.)周四称，双方已签署一个合作协议，将推出一个指数基金，有意吸引约人民币30亿元（1美元=人民币8.28元）的投资。
该开放式基金已获得市场监管机构批准，将跟踪新华富时中国A200复合指数(Xinhua/FTSE A200 Composite Index)，该指数涵盖上海和深圳股市的上市公司。
此次交易旨在为营运和管理这只新指数基金提供技术支持，它标志著巴克莱(Barclays)首次进军中国新兴的基金行业。
巴克莱国际投资管理公司(Barclays Global Investors)是巴克莱国际集团(Barclays PLC)的子公司，以所管理的资产计算，它在全球排名第七，但与其他金融服务公司一样，巴克莱国际投资管理公司因中国对外国竞争的限制而一直被关在中国市场门外。
自中国2001年底加入世界贸易组织(WTO)后，情况完全改变，外国公司获准通过建立合资基金管理公司赢得立足之地，合资基金的外资股权限制在33%以下。
虽然有数家欧洲基金管理公司已宣布达成交易，但巴克莱国际投资管理公司尚未与当地基金管理公司建立合资企业。
不过，该公司地区首席执行长Robert J. Haber保留了扩大合作关系的可能性。
Haber在一个新闻发布会上说，公司当然希望能有所发展，并与博时加深合作，但合作将涉及哪些方面，巴克莱和博时都还不太明确。
博时基金管理公司总裁吴雄伟也表示，双方可能有扩大合作的机会。他说，将来可能有更多的合作空间。
博时基金是中国最大的基金管理公司，管理的总资产达到了人民币130亿元。
该公司管理5只封闭式基金和博时价值增长型开放式基金，并且最近还被选为中国社保基金的委托管理公司。
吴雄伟表示，除了新华富时中国A200复合指数之外，博时裕富基金还将追踪新华富时国债指数。在中国，共同基金必须将它们资产的至少20%投资于国债，而投资于股市的资金比例不得超过总资产的80%。
吴雄伟表示，该基金早已获得了批准，目前计划将于7月10日推出。他还表示，他希望这只基金会像博时的第一只开放式基金一样取得成功。
博时基金管理公司的副总经理李全称，该开放式基金2002年回报率为20%，吸收了人民币30亿元的总投资额。
李全说，今年有两个新伙伴（巴克莱和新华富时中国指数(Xinhua/FTSE China Indexes)）加入，希望能有同样出色和成功的业绩。
博时裕富基金将是中国第一只追踪上海证交所和深圳证交所最大型股的指数基金。
吴雄伟说，该指数基金是在中国引入合格境外机构投资者机制(QFII)的情况下应运而生的。
根据OFII，获得批准的外国基金管理公司、投资公司和养老基金第一次可以投资中国以人民币计价的A股市场和债券市场。
巴克莱的Haber告诉道琼斯通讯社(Dow Jones Newswires) 说，获得OFII许可证、但对中国上市公司知之甚少或没有经验的外国投资者很可能会被博时裕富基金这样的指数基金所吸引。
