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Citibank becomes first bank in China to offer global mutual funds

AlfredSokol said: "Citibank is now offering [url=http://www.chinaretailnews.com/2007/08/31/814-citibank-becomes-first-bank-in-china-to-offer-global-mutual-funds/]global mutual funds[/url] in China. [quote] The launch sees Citibank become the first bank to offer global mutual funds in China. It is being launched under the Qualified Domestic Institutional Investor scheme. Anand Selva, executive vice president of Citibank (China) Co., Ltd., said, "It is very pleasing that Citibank is the first bank in China to give our local customers the opportunity to invest in global mutual funds, in partnership with Schroders, one of the world’s leading mutual funds companies. We place a relentless focus on providing innovative new products and services that meet our customers changing needs, and today’s launch is an outcome of that commitment." The Citibank QDII Product – Schroder International Selection Fund is denominated in USD and is available to local residents of China only. It will be available in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen, Chengdu, and Hangzhou.[/quote] Citibank is everywhere."

Pb3190 said: "This shows that mutual funds are still very popular with people. Considering the boon in private Chinese investors, if Citibank has a front end load on their funds I think they will make a hefty profit."

lil dickie said: "I think the growth of mutual funds should go on for awhile. And yeah the fees have to add up."

Pb3190 said: "Especially in China. I imagine a large number of companies are hoping to reach the Asian population. With their rising middle class they will be spending money on just about anything they can get their hands on. I wonder if they have credit cards over there? I'm sure some CC company has thought about the idea of billions of people owing them money... They could cause another debt related problem for the market on their own in a few decades."

lil dickie said: "Oh yeah. Citibank issues credit cards there. So the basic financial services are set to grow huge. I assume this is true of insurance too."

Pb3190 said: "As much as I would love America to remain a world power, I think China will replace us. Maybe not in terms of the military or foreign aid, but the economy will start to revolve around them in the future. Now only if they would stop manipulating their currency..."

lil dickie said: "I doubt it. Americans innovate. That's especially true in business. Wait until communism goes out the door in China and see how long their way of life stays the same."

Pb3190 said: "I think their life will improve when communism goes out the door. The population has internet, they know how well we and most of the rest of the world do under capitalism. It would not surprise me if the general public embraced the fall of communism, and then proceeded to become a strong capitalist society."

lil dickie said: "Im sure they will. But capitalism means freedom. With it come social ills and all the rest. Once you join the capitalism party you have all the same problems as the rest of us. Personally I think the world will be a better place with more prosperity for everyone."

pranith said: "well thats great to hear from the citibank as they are offering the global mutual funds in china. I think we can have good returns in this ."

sr106 said: "yes, you are right, i have heard it... it is good opportunity for people..."

Aligator said: "Opportunity? Maybe. Take a look at Schroder's North American fund, SNAVX. In the last year the S&P has outperformed SNAVX - by quite a bit, too. Emerging Market fund (SEMVX) is a different story. They have outperformed S&P nicely, being up 10% for the last 12 months vs the S&P being down 5. So there are funds, and there are FUNDS! Citibank will get their cut up front, Schroder will get theirs as they go along, and it will all come out of Chinese pockets."