IN BRIEF (Page 13)

Guotai Junan sets up fund

The asset management arm of Guotai Junan Securities Co said on Monday it will launch a $45 million hedge fund, the first among brokerage firms and mutual fund managers in China.

The fund, to be managed by Guotai Junan Securities Asset Management Co, plans to raise 300 million yuan ($45 million) initially and will use index futures to mitigate market risks, President Zhang Biao said.