SHANGHAI, Sept 27 (Reuters) China Asset Management Co, the country's largest mutual fund company, said it raised the targeted billion for its first global stock investment fund on the day of its launch for sale on Thursday.
The fund is the second overseas stock fund launched by a Chinese fund house under the country's Qualified Domestic Institutional Investor (QDII) scheme, which is partly aimed at easing upward pressure on China's yuan currency.
The Beijing-based company has hired Baltimore-based T. Rowe Price Group Inc. as its overseas investment adviser.
China Southern Fund Management, another major Chinese fund house, raised billion for an overseas stock fund earlier this month, drawing heavy demand as local investors sought to diversify away from China's high-flying stock market, which has risen five folds since early 2006.
A handful of other fund firms, including JPMorgan's China fund venture and Deutsche Bank's fund management arm in Beijing, are planning similar moves.
REUTERS MP HS1646