ICBC, China Merchants find foreign partners

Industrial and Commercial Bank of China (ICBC) has appointed US-based Franklin Templeton Investments to help manage its new fund launched under the Qualified Domestic Institutional Investor (QDII) program. The Oriental Pearl III-Prosperity fund, which raised US$475 million from a listing, is ICBC's third fund focusing on overseas equities, but it is the first time Franklin will be serving as advisor, the South China Morning Post reported. The fund will invest in fixed-income and equity products. Meanwhile, China Merchants Securities announced a foreign equity partnership with Daishin Securities of South Korea. In addition to helping shape QDII products, the tie-up will see Daishin look at financial market products, futures, cross-border stock trading and research and development.