Fund launches & closures

CITIC’s multi-strategy renminbi fund targets $1 billion

by

Lu Li
Craig Lindsay
The new CSI RMB Fund will employ strategies in FX, credit and interest rates to grow, making it one of the most sophisticated RMB-denominated strategies yet to come into the market.

The fund’s advisor, CITIC Securities International Investment Management (CSIIML), which is the asset management arm of CITIC Securities International in Hong Kong, says it hopes to scale the fund, which targets an annual return of 10%-20%, to an asset size of $1 billion.

The fund’s portfolio manager, Lu Li, used to run a $5 billion principal investment