Lujiazui, a financial hub in Shanghai, has become a preferred place for innovative public funds to register. [Photo/Pudong Times]

The Lujiazui of Pudong New Area in Shanghai recently became home to Huatai Baoxing Fund Management Co, a new insurance fund management firm, Pudong Times reported on Aug 9.

The new company, the first of its kind to be established in Shanghai, was registered on July 26 in Lujiazui with Beijing-based Huatai Insurance Group as its major shareholder. Both its investment research team and general management team belong to Huatai Asset Management Co, a subsidiary of Huatai Insurance Group. The company will be engaged in secondary market investment.

This new firm raises the total number of Lujiazui's public funds to 30, accounting for over 60 percent of Shanghai's total. This demonstrates that Lujiazui has become a preferred place for many innovative public funds to register their businesses.

The Lujiazui authorities have pledged to redouble their efforts in order to further boost the development of the fund industry and lure even more public funds.

The authorities hope their efforts will encourage funds to set up various professional subsidiaries, and help said subsidiaries develop businesses in cross-border asset management and overseas investment consultancy.