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Guotai Fund to launch Nasdaq-linked fund

(Agencies)
Updated: 2009-03-30 12:28

China's Guotai Asset Management Co has signed a licensing agreement with Nasdaq OMX Group Inc giving the fund manager exclusive rights to develop products in China using the Nasdaq 100 Index, Guotai said on its website.

Related readings:  China Southern Fund, S&P to develop index products  Lenders answer to complaints from QDII investors  Banks' QDII funds suffer overseas losses  Foreign funds outperform in China rally

Guotai is likely to launch a fund pegged to the Nasdaq 100 Index this year, which will help Chinese investors to diversify risks, the company said.

Chinese investors are allowed to invest abroad under the so-called qualified domestic institutional investor (QDII) scheme, which has channelled more than $40 billion of the country's estimated $2 trillion of household savings into overseas financial markets.

Earlier this month, the China Securities Journal reported that China Southern Fund Management Co had signed an agreement with US financial market data provider Standard & Poor's to jointly develop QDII products.

China Southern plans to launch funds that track the benchmark Standard & Poor's 500 stock index, giving mainland investors exposure to a range of US blue chips such as Microsoft Corp, Wal-mart Stores Inc and International Business Machines Corp, the newspaper said.