Citic Capital planning mutual funds business

The Hong Kong ventureƆs 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, previously executive director at Citic Pacific the parent's Hong Kong industrial subsidiary where he headed its telecom business as well as an ex-banker at Merrill Lynch, has recently moved to assume the role of Citic...

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