Citic Capital planning mutual funds business

The Hong Kong ventureÆs real aim is back home in China.

Citic Capital intends to launch a retail mutual funds business in Hong Kong around the fourth quarter, with the ultimate aim to establish international expertise for a future asset management business in China.

Citic Capital is the re-branded investment banking operation Citic Ka Wah Bank plus Cargary Securities, a retail brokerage house. Mainland red-chip parent China International Trust Investment Corporation bought a direct controlling interest in early 2000 to increase cooperation with its own banking and brokerage operations.

Zhang Yichen,...

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