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| Social Security Fund Seeks Overseas Managers |
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China's National Council for the Social Security Fund (NCSSF) is expected to pick its first batch of fund managers to look after its overseas investments in the second half of this year. A total of US$500-800 million from the fund will be invested in overseas stock markets within the year, sources said. Around 80 overseas fund management companies, investment banks and securities firms have applied to the council to become overseas investment managers, the Hong Kong Economic Times quoted NCSSF Chairman Xiang Huaicheng as saying on Monday. Xiang also said the council would start stock investment in Hong Kong in the fourth quarter through authorized investment managers. An official with the council told China Daily yesterday it would stop receiving applications from overseas fund managers by Friday and start reviewing the material. It should come up with a decision in the third or fourth quarter after interviews, and negotiations over management fees and other contract details. Companies that fail to win contracts this time could try again next year as the council could select more fund managers in the future, the official said. In a work conference in March, the NCSSF mapped out its investment plan for 2006. It said US$500-800 million would be used for overseas stock investments and US$100-300 million would be invested in overseas products with fixed yields. (China Daily June 28, 2006) |
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