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China allows insurers to sell mutual funds

By Francesca Nyman

Chinese insurers will be allowed to sell mutual funds to the public as regulators look to increase the role of institutional investors in its capital markets.

The Chinese Insurance Regulatory Commission published guidelines on its website yesterday which set a lower entry threshold for private fund mangers entering the mutual fund businesss than that the one included a draft version of the rules in December.

The rules also allow companies that previously only managed money raised privately to offer mutual funds.

Eligible firms may submit applications starting in June.

Under the new rules, insurers and securities firms will need to have at least 20 billion yuan in assets under management to be eligible.