Mutual fund raises US$602 million

Bank of Communications (Bocom) and Shroders Plc raised US$602 million with the first fund product from their new asset management venture, state media reported. The US$25 million venture between China's fifth-largest lender and the British asset management group, launched in August, was only the second of its kind offered by a Chinese bank. It follows the mutual fund offering made by Industrial and Commercial Bank of China (ICBC) with Credit Suisse First Boston in July, which raised US$537 million. China's fund industry is now thought to be worth nearly US$62 billion.