CMB Wealth Management (CMBWM), China Merchants Bank’s asset management subsidiary, has launched a target date fund, its first collaborative product with J.P. Morgan Asset Management (JPMAM). This came after JPMAM agreed to acquire 10% stake in CMBWM in a 2.67 billion yuan (US$410 million) transaction earlier this month.
Zhao Zhi Wu You Target 2035 invests in comprehensive and diversified global assets. It is set to be the first target date fund adopting a “glide path” design in China’s bank wealth management space. The product will be open for subscription to the public from March 30 to April 6.
JPMAM’s joint venture China International Fund Management (CIFM) acts as the investment adviser for the product.
The strategic partners say they plan to expand their collaborative product line and provide a range of target date funds as well as multi-asset and fixed income products.