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iFast Corp to launch private fund manager business in China by early 2021
MAINBOARD-LISTED financial-services firm iFast Corp expects to launch a private fund manager business in China by early next year, the board said on Friday.
The private fund manager capability "will allow our business in China to have a broader range of services as an investment platform", it added.
The registration of the business unit, made with the Asset Management Association of China, was approved on Sept 22.
iFast Investment Management China, which has a registered capital of 10 million yuan (S$2.04 million), can now issue private-equity securities investment funds and fund of funds, the board noted in its bourse filing. The Chinese unit can also offer private funds to qualified on-shore individual and institutional investors in China.
iFast shares added S$0.07, or 3.07 per cent, to S$2.35, before the latest announcement.