| China Merchants Fund Management Co.,
Ltd. (CMF) was the first Joint Venture Fund Management Company approved
by the China Securities Regulatory Commission (CSRC). The company
was formally launched on December 27, 2002. China Merchants Securities
and ING Asset Management each holds 40% and 30% share of CMF, respectively.
The balance of the company is equally held (10%) by China Power
Finance Co. Ltd, China HuaNeng Finance Co. Ltd, and China COSCO
Finance Co. Ltd. CMF was registered in Shenzhen with 160 million
Yuan registered capital. The main businesses of the company include
launching of funds, fund management and other businesses permitted
by CSRC.
CMF will utilize rigorous international standards of
investment management to fulfill our objectives of providing first
class investment services to our clients. Since preparatory work
on the establishment of CMF began, the company has endeavored
to utilize advanced international investment management, marketing
and personnel management techniques to build an effective organization
with formalized procedures and standards. Currently, CMF has nine
departments and two marketing centers. The nine departments include
the Investment Management Department, Investment Trading Department,
Marketing Department, Client Services Department, IT Department,
Business Development Department, Supervisory and Audit Department,
General Management and Finance Department, and the Fund Accounting
Department. The two marketing centers include the Beijing Marketing
Center and the Shanghai Marketing Center. Besides these departments,
CMF has also set up an Asset Allocation Committee, a Risk Management
Committee and has also appointed an independent audit and compliance
officer.
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