Beijing to permit funds of funds to stir competition

Chinese fund firms are set to be allowed to launch standardised funds of funds from this Friday in a regulatory shift designed to raise competition between product providers. These products are expected to appeal to retail investors who find it difficult to select funds when faced with a wide choice. As of June, the country was home to 1,714 mutual funds. Up until now, mutual fund houses have not been permitted to launch products invested into other mutual funds. But Beijing has…