China fund outsources first mandates

The national social security fund is leading the development of specialist mandates.

China's $9 billion National Council for Social Security Fund NSSF in Beijing has made its first mandates of pension money to domestic fund managers, awarding 11 equities and fixed-income deals to six houses.

Shenzhen-based Boshi Fund Management, Penghua Fund Management and Nanfang Southern Fund Management and Beijing-based Changsheng Fund Management and Huaxia Fund Management each won a Rmb1 billion equities and Rmb1 billion fixed-income mandate, while Jiashe Fund Management in Beijing won a Rmb1 billion fixed-income mandate.

The selection committee allowed only the original 10 fund management companies to pitch, as it required a two-year track record. That left Shanghai's Huaan Fund Management in the cold. Huaan, the first to launch...

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