China Star Trader’s New Fund Attracts $16 Billion in One Day
(Bloomberg) — Chinese investors placed orders worth $16 billion over one day into a new equity fund launched by the firm of a star stock picker, betting it can continue to outperform the market.
Shanghai-based Foresight Fund, founded by Chen Guangming, announced Friday it plans to allocate 9.8% of the orders for the new 10 billion yuan ($1.6 billion) fund. That means the new product, only the third offered by the company, fetched 102 billion yuan in total subscriptions, according to Bloomberg calculations. Chen will not manage the new fund, which will be run by Rao Gang, according to a filing.
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