ING JV gets first look in

Shenzhen-based China Merchants Fund Management (CMFM), 30% owned by Amsterdam-based ING Group, reportedly began deploying National Social Security Fund (NSSF) cash, making it the first foreign joint-venture to be awarded an investment mandate by China's RMB 150bn (US$180m) social security fund, the South China Morning Post reported, quoting a source close to the JV. Its initial allotment, according to the newspaper, was RMB 1.2bn (US$144.58m). The NSSF, which receives government allocations and proceeds from sales of designated state-owned assets, was set up in 2000 to help provinces fill funding gaps in social security programs.