A joint venture between Credit Suisse First Boston and China's top lender, Industrial and Commercial Bank, has raised $537 million towards the country's first bank-run mutual fund, Reuters reported yesterday.

Both individual and institutional investors were among the buyers, officials said.

"The result reflects investors' confidence in China's capital markets," said Guo Tehua, general manager of ICBC Credit Suisse Asset Management, in a statement. "We are satisfied with the achievement of our first fund product."

Equities will comprise a lion's share of the fund's net value, while bonds and cash will comprise the difference.

Officials hope to raise even more money for the fund, a likely boost to China's capital markets, which have been mired in an eight-year slump, the Reuters report noted. The nation's modest fund industry lost $741 million in the first six months of 2005.

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