Huaan and Lehman prep QDII fund

Huaan Fund Management is working on what could be the first domestic mutual fund in China to invest overseas.
Shanghai-based Huaan Fund Management is working with Lehman Brothers in the United States to develop what could be China's first mutual fund that invests overseas, according to market sources in Shanghai, Shenzhen and Hong Kong.

This would represent the official start of a much-talked-about programme for qualified domestic institutional investors QDII, although the fund would be open to retail investors as well.

Officials at Huaan confirmed they are working on such a product, but would not comment on Lehman's involvement. They said at least 10 other Chinese companies are also working on similar products.

Funds executives and analysts agree, however, that Huaan is pushing this the most aggressively. Huaan has a history of pioneering...
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