HONG KONG : American investment manager Van Eck will terminate a plan that has been in the works for over two years to establish a Chinese mutual fund unit due to business uncertainties, three sources with direct knowledge said.The withdrawal is the first by a foreign asset manager that has submitted an a
HONG KONG : American investment manager Van Eck will terminate a plan that has been in the works for over two years to establish a Chinese mutual fund unit due to business uncertainties, three sources with direct knowledge said.
The board of the privately held U.S. firm with $69 billion in assets under management decided in December it would no longer pursue entering China’s $3.8 trillion mutual fund industry, according to two sources with direct knowledge who asked not to be named as the matter is private. The decision also comes as Van Eck’s business has suffered from the war in Ukraine, as it had to wind down its Russia-centric exchange-traded funds in December after suspending trading of the products, the source said.China in 2020 removed foreign ownership caps in its mutual fund industry, allowing global asset managers such as BlackRock and Fidelity to set up fully owned retail fund units.
Similarly, U.S. money manager Vanguard Group in 2021 dropped a plan to obtain a mutual funds licence in China, citing a"crowded" market. It’s not publicly known how much the firm had planned to invest in the China business.
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