For its one-year-old Chinese mutual fund venture, ABN AMRO has set its sights on tripling its assets by the end of next year. Just one month after it got the okay to put $75 million into Chinese stocks and bonds, the Netherlands-based company could soon jump into the No. 2 spot in China behind Allianz. Tripling its assets would bring its total to $1.3 billion.
Currently, ABN AMRO has two funds in China. Other fund companies with interests in China, like ABN AMRO's fellow-Dutch company ING, plan to expand in the country, as well. ING plans on doubling the size of its funds this year to $2.46 billion.