CreditEase, US firm team up

CreditEase Corp, China's leading microcredit and wealth management company, said on Friday that it has inked an agreement with the Wellington Management, the global asset management company, to expand its global reach.

The two companies will set up a fund that will mainly invest in pre-IPOs (initial public offerings) of US companies. CreditEase customers will provide the capital for the fund, while US-based Wellington will manage the investments. Though CreditEase did not reveal the exact size of the fund, it said it would run into some "tens of millions of dollars".

"The strategic cooperation with Wellington Management is in line with market demand and our strategy," said Hou Lin, senior vice-president of CreditEase.