Christopher Poll, the Taoist founder of mutual fund tracker Micropal Group Ltd., plans to help China and Taiwan develop their own fund industries.
China has no mutual funds, but in Taiwan investors can buy 140 portfolios, which currently have $26 billion in assets under management, and growing rapidly, he said.
The 51-year-old London native has set up The Greater China Consultancy Ltd. to advise Chinese authorities, as well as to introduce foreign financial services companies to the Chinese market. The Chinese population, which has a savings rate of 45% of gross domestic product, is more worldly than Americans give it credit, and thus is ripe for mutual fund investing, he said. "Nine hundred million people are farmers ankle-deep in water, but 200 million watch 'Baywatch'."
Mr. Poll's move comes four days after announcing the sale of his London-based firm to The McGraw-Hill Cos. of New York.
Crain News Service