Bank of China is raising money for 24 funds from overseas and domestic investors through BOC (Suisse) Fund Management, established by BOC in November last year in Geneva, according to the Wall Street Journal.

It is believed to be the first instance of a Chinese fund manager looking for business in western markets.

The bank has said that the funds include RMB-denominated investments in China as well as others in global markets and that half the funds are investing in equities, the rest in bonds.