Today, Lion Fund Management Co. becomes the first company in China to create a fund allowed to invest in foreign exchange-traded funds (ETFs) backed by gold. Lion Fund Management Co was founded in 2003 and is based in Shenzhen, China. The firm manages mutual funds for its clients and also invests in public equity and fixed income markets.
On November 29, Lion Fund won regulatory approval to launch a gold fund under the country’s Qualified Domestic Institutional Investor scheme (QDII), inclusion in which enables the company to invest clients' money outside of China within set quotas. After less than a month, the new fund is set to launch today. Lion Fund has announced that it will invest no less than 80% of its underlying assets in gold ETFs. The fund intends to raise up to 3.3 billion yuan (USD $496 million) which will then be converted into hard currencies to buy gold in the global market. The company is currently in the process of assessing a dozen gold-backed (ETFs) on the global market as potential targets, including the SPDR Gold ETF (GLD).
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