Even managers at Mellon Asset Management admit to being surprised at the opening-day reception for their newest mutual fund. Within hours after launching on Sept. 13, their Southern Global Enhanced Balanced Fund sold more than $2 billion in shares, and by day’s end, it had attracted some $8 billion.
The biggest surprise: Shares were only sold in China. It was touted as the first time a mutual fund featuring an all-stock portfolio of companies from around the globe — and more importantly, from outside of mainland China — had been widely offered to Chinese investors. …[Full Text]