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'Chexit': Global Asset Managers Are Fleeing China
'Chexit': Global Asset Managers Are Fleeing China
Authored by Anders Corr via The Epoch Times,
Fidelity International (FIL) is reportedly the latest fund manager to plan a pullout from its China fund. FIL launched a wholly-owned subsidiary in Shanghai three years ago, but a lack of demand from retail investors led to disappointing growth.
Reuters first reported the story. According to its sources, "A combination of fierce local competition, frequent leadership turnover and chronic struggles to build scale ultimately convinced global FIL executives that the China retail venture was untenable."
FIL has $1.18...
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