Launches & Closures

ICBC Credit Suisse eyeing offshore China funds


The fully-owned subsidiary of a joint venture between the Industrial and Commercial Bank of China (ICBC) and Credit Suisse is targeting to launch two long-only funds focused on China-related companies in Hong Kong next year.

The Hong Kong Securities and Futures Commission recently granted a Type 9 license to ICBC Credit Suisse Asset Management (International) Company Ltd to manage and market hedge funds in Hong Kong.

The license came just after ICBC, which is the world’s biggest lender by market value, increased its shareholding in the joint venture established in 2005 to 80% from the previous 55%.