According to The Standard of 8 April 2008, UK fund firm Schroders hopes to double its managed assets in the next five years from the current US$16 billion(HK$124.8 billion) by tapping growth opportunities in China, Hong Kong and Taiwan, its Asia top executive said yesterday.
Bank of Communications Schroders Fund Management Company, its joint venture with BoCom(3328), won approval to launch funds for global securities investment under the QDII(qualified domestic institutional investor) scheme last year.
Schroders Asia Pacific chief executive Lester Gray said the company would launch a new QDII fund this year through the joint venture depending on market conditions.
The fund firm currently has 31 QDII funds through four foreign banks in the mainland.
Gray Expects China investors to be skeptical about offshore in the short term after overseas equity markets peaked at the end of last year, saying it would take time for them to regain confidence.
"It is bad timing," he said.
"It has nothing to do with the QDII product itself. Plus, it has just been six months , too short to tell."
Despite the highly volatile market conditions this year, Gray said the company doesn't see any redemption pressure in the first quarter.
"Retail investors are still confident that things will go better."