New re­stric­tions on fund out­sourc­ing

New Straits Times - - Business -

SHANG­HAI: China’s se­cu­ri­ties reg­u­la­tor has in­tro­duced new re­stric­tions for fi­nan­cial in­sti­tu­tions seek­ing to out­source fund man­age­ment to ex­ter­nal fund man­agers, the of­fi­cial Se­cu­ri­ties Times re­ported yes­ter­day, as the gov­ern­ment tightens shadow bank­ing. Fi­nan­cial in­sti­tu­tions such as banks and in­sur­ers had been giv­ing fund man­age­ment man­dates for funds ex­ceed­ing one tril­lion yuan (RM645 bil­lion) to mu­tual fund houses as they out­sourced their wealth man­age­ment op­er­a­tions, said the news­pa­per.

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