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Star stockpicker raises $10bn in 10 hours for new fund

Star stockpicker raises $10bn in 10 hours for new fund

A China stockpicking star raised an astonishing $10 billion (£7.6 billion) in just 10 hours for his new investment fund. 

According to Bloomberg, Chen Guangming attracted more than 70 billion yuan for his Shanghai-based Foresight fund.

The fund raise smashed the 6 billion yuan target Guangming had set, forcing his firm to stop further subscriptions. 

While the fund did not disclose exactly how much it raised, Bloomberg sources indicated around 20 billion yuan came via China Merchants Bank distribution platform. 

The Foresight Fund, which invests between 60 to 95% in equities, is Guangming's first offering at his new firm since he left state-backed asset manager Orient Securities Asset Management last year after two decades with the business. 

He caught investors' imagination after one the funds he managed for Orient returned 700% from May 2009 up to his departure. 


 

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