China fund subsidiaries eye ABS market growth

Chinese fund houses are striving to capitalise on recent liberalisation allowing their segregated account subsidiaries to launch asset-backed securities (ABS). These units were given the go-ahead to sell ABS last November by the China Securities Regulatory Commission (CSRC), under the administrative auspices of the Asset Management Association of China (Amac). Amid slow growth in the domestic mutual fund market, this is seen as a new source of revenue by  managers operating segr…