China's First Gold Fund to Invest $500M in ETFs Abroad

"Chinese fund cannot currently meet rising investment demand."

China's first gold mutual fund, Lion Fund Management Co., said it has won approval from the State Administration of Foreign Exchange to raise $500 million more to invest in gold-backed exchange traded funds (ETFs)abroad.

In a statement, the fund said it got the permission to invest overseas under China's Qualified Domestic Institutional Investor scheme, reports China Knowledge.

The Shenzhen-based fund manager said it plans to raise more for its Lion Global Gold Fund, the largest fund launched under the QDII scheme in the previous three years.

General Manager Assistant Liu Dong said the company won QDII quota of $500 million for its Lion Global Gold Fund in January this year, which currently cannot meet the rising demand from investors.

Liu said more Chinese investors prefer gold investment products due to uncertainty in the market.

Lion Global Gold Fund, China's first gold mutual fund targeting investment in overseas traded gold, raised $485 million, in January.

On Nov. 30, 2010, Lion Fund Management secured approval from the China Securities Regulatory Commission to launch the fund.

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