ICBC and CSFB set up management fund

Top Chinese lender Industrial and Commercial Bank of China (ICBC) and global investment bank Credit Suisse First Boston (CSFB) have set up China's first bank-run fund management company, a move approved by Beijing on a trial basis to boost China's weak capital markets, state media reported. ICBC, CSFB and China Ocean Shipping Co have a respective 55%, 25% and 20% stake in the new Beijing-based firm.