AXA China fund JV to launch 1st bond fund on Nov 24

Nov. 20, 2008 (China Knowledge) - AXA SPDB Investment Managers Co Ltd said on Wednesday it would launch its first bond fund on Nov 24, according to sources.

The fund is expected to invest at least 80% in bonds, and less than 20% in equity securities.

The new fund will focus on bonds with high rating in 2009 by adopting AXA's Fundamental Financial Model, said Duan Fuyin, manager with the fund, adding that they will be cautious of the possible risks in the bonds and strive to achieve long-term stable profit.

Established in August 2007 with registered capital of RMB 200 million, AXA SPDB Investment Managers is a fund joint venture formed by Shanghai Pudong Development Bank Co<600000>, Shanghai Dragon Investment Co Ltd and France's AXA Investment Managers.

Shanghai Pudong Development Bank holds 51% stake in the venture, AXA Investment Managers takes 39% stake and Shanghai Dragon Investment owns the remaining 10%.