China’s biggest investment bank is taking another leaf from the Goldman Sachs playbook by creating a fund to back new and established hedge fund managers in China.
Citic Securities Futures, part of the Citic Securities group, has established a Rmb2bn ($330m) fund of seed capital that will invest in local hedge funds, according to Jackie Fan, general manager of the bank’s innovation department.
The asset management arm of another local brokerage, Hwabao Securities, is launching a similar fund with Rmb1bn to invest in partnership with KKM Capital, a Shanghai company dedicated to helping Chinese hedge fund managers set up businesses.
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