J.P. Morgan Asset Management (JPMAM) has launched the China International Fund Management's (CIFM) second renminbi money market fund for institutional investors in China. Following the successful launch of their first institutional money market fund (MMF) in China in 2005, CIFM, a joint venture of JPMorgan Asset Management (UK) and Shanghai International Trust Co., has again leveraged the platform of JPMAM's short-term fixed income investment arm J.P. Morgan Global Liquidity (JPMGL).

Together they have pioneered the first fund in China with the ability to offer institutional investors same-day liquidity for redemptions under certain requirements. The initial public offering (IPO) took place from July 28 to August 12 2014 and surpassed the minimum target AUM set by the China Securities Regulatory Commission (CSRC).

J.P. Morgan Global Liquidity China (JPMGL China), the fund distribution arm of JPMorgan Chase Bank (China) Company (JPM China), received a license in November 2013 from the CSRC to distribute local securities investment funds to investors in China, and is the exclusive distributor of the new fund launched by CIFM initially. JPMGL China unites a decade of investment experience from the partnership between JPMAM and CIFM with the global resources of the world's largest liquidity manager, JPMGL.

The IPO raised more than 620 million renminbi (US$100 million) from over 200 initial institutional investors and the fund opened to institutional investors in China for regular investment on August 27 2014. "China's money markets continue to evolve, creating the opportunity for new products targeted towards corporate clients seeking higher yielding investments for their operating cash, than is available from traditional bank current accounts. Currently, as the exclusive distributor for the fund, we are very excited to offer clients such an innovative solution which will continue to differentiate J.P. Morgan Global Liquidity China in the market" said Paula Stibbe, head of global liquidity sales, Asia-Pacific, JPMAM.

This fund is the first in China with the ability to offer institutional investors same-day liquidity for redemptions. In developing this product, CIFM drew upon the wealth of experience from its foreign shareholder and the largest provider of AAA-rated MMF's globally. The new fund is in-line with the existing AAA-rated MMFs provided by CIFM and J.P. Morgan Global Liquidity Funds world-wide. CIFM renminbi MMF's are available to institutional investors/entities domiciled in China. In 2005, AAA-rated5 institutional liquidity funds were pioneered in China when CIFM launched their first renminbi MMF. This fund was the first real alternative to traditional cash management tools for prudent institutional renminbi investors in China.