Asian Bond Fund 2 gets $2 billion seed

Asian central banks select fund managers, custodians and administrators for nine new bond funds and invest $2 billion of seed capital.

The grouping of Asian central banks known as EMEAP, yesterday announced that it had selected nine fund managers and a custodian for the Asian Bond fund 2 ABF2 initiative, as well as committing $2 billion of seed capital to the funds. The announcement shows the progress that has been made since the ABF2 scheme was revealed in December 2004.

The scheme will see the creation of one Pan Asian Index Fund PAIF and eight single market funds. The PAIF will get $1 billion of seed capital and will be managed by State Street Global Advisors SSgA. It will be domiciled in Singapore and listed in Hong Kong....

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