(Yicai Global) Aug. 16 -- Investors could be able to start buying into China's new pension funds as early as next month, according to an executive with Ant Financial Services Group.
The Alibaba affiliate has already set up new systems on its payments app Alipay and is just waiting for the fund providers to start selling, said Zu Guoming, vice president of Ant Financial's wealth management business group. He reckons some may launch the funds as early as September, but it could be two to three months before they are all fully rolled out.
Ant said on Aug. 14 that it would be one of the platforms selling the 14 pension funds which got approval from the China Securities Regulatory Commission earlier this month. The accounts are all funds of funds with a lockup period of three to five years.
"Our product's tolerance for risk occurrence is really strict, hybrid and commodity funds can't make up more than 60 percent of them" said Fang Yitian, chairman of Wanjia Asset Management, one of the fund providers. He warned investors not to expect rapid short-term gains, and that the funds are intended to yield earnings over a long period of time.
Editor: James Boynton