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Bosera Fund
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Overview

Bosera was included in the first batch of investment managers of National Social Security Fund after strict reviews by the National Council for Social Security Fund and its expert panel in December 2002, and the first batch of corporate annuity fund managers after strict reviews by the Ministry of Human Resources and Social Security and its expert panel in August 2005. In February 2008, Bosera was granted the qualification of specialised asset management by the CSRC. In September 2012, Bosera was included in the first batch of 9 recognised insurance fund investment managers in accordance with the Announcement on Recognition of the Report on Insurance Fund Investment Managers published by CIRC.

Bosera is well positioned to provide a full spectrum of diversified asset management services for segregated accounts such as National Social Security Fund, corporate annuity funds, customised asset management and insurance funds.

As of 30 June 2013, Bosera managed segregated account portfolios with net value of assets under management (“AUM”) over RMB89 billion, making it one of the largest domestic segregated account managers.

To engage in segregated account asset management, a fund manager needs to raise capital from or accept assets mandated by specific clients, and act as their asset manager to invest such assets in securities along with commercial banks as custodians on behalf of the principals (either in the form of one-to-one account or collective account). Segregated account asset management allows fund managers to cater for individual needs of institutional and personal investors through tailored asset management services.

One-to-One Account Collective Account
Initial AUM Not less than RMB30 million
Investment scope Cash, bank deposits, stocks, bonds, securities investment funds, central bank bills, non-financial corporate debt financing instruments, asset-backed securities, commodity futures and other derivatives, equities unlisted on stock exchanges, debt and other property rights, and other assets recognised by the CSRC
Contract term Typically not less than 1 year
Initial AUM Not less than RMB30 million but not more than RMB5 billion
Max. no. of principals in an asset management scheme Up to 200, but without restriction over the number of investors with a single mandate exceeding RMB3 million
Initial AUM of each client RMB1 million at least
Investment scope Cash, bank deposits, stocks, bonds, securities investment funds, central bank bills, non-financial corporate debt financing instruments, asset-backed securities, commodity futures and other derivatives, equities unlisted on stock exchanges, debt and other property rights, and other assets recognised by the CSRC
Contract term Typically not less than 1 year, during which the asset manager may, according to the segregated account asset management contract, arrange specific clients to participate in and exit from the asset management scheme
Participation/exit Offering at most one chance every quarter for participating in and exiting from the asset management scheme, except for asset management schemes established for a one-to-one account, cash management schemes established for a collective account or other asset management schemes approved by the CSRC
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