Chinese fund firms ready FoFs as CSRC gives nod

Chinese asset managers have received approval to manufacture fund-of-fund products, with a number already building capabilities for that purpose. The China Securities Regulatory Commission (CSRC) unveiled the new rules this Friday evening (September 23) local time, allowing managers to launch FoF products in a mutual fund structure. The regulations took effect on September 11. Fund houses have moved to build multi-asset teams in the past two months, after the regulator issued a …