Chinese fund raises $4 billion

BNY Mellon Asset Management and China Southern Fund Management raised $4 billion in a qualified domestic institutional investor strategy launched in China last week, confirmed BNY Mellon spokesman Mike Dunn. BNY Mellon Asset Management is the subadviser for the China Southern QDII strategy. The QDII strategy, which allows Chinese investors to place assets in foreign investment strategies, received $8 billion in total subscriptions from Chinese investors last week, but the companies capped it at $4 billion.