Meet China's Mutual-Fund Pioneer
Chen Xuerong, chairman of Xiangcai Securities, has a lot on his plate these days. Besides overseeing the operations of China's fourth-ranked domestic securities company, he's chairman of China-Euro Securities, the new CLSA/Xiangcai investment-banking venture. And his firm has launched a pioneering joint-venture asset-management company with ABN AMRO. It was one of the country's original joint-venture mutual funds and the first to tap investors, raising just over $300 million for an initial batch of mutual funds last month. Chen has bigger ambitions than just being a local player, as his e-mail replies to questions from BusinessWeek's Alysha Webb and Mark Clifford reveal. Edited excerpts follow.
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