Local fund house joins pilot scheme
Print Edition
China International Fund Management Co said yesterday that it has been approved to raise yuan-denominated funds within the Chinese mainland for investment in overseas markets.
The Shanghai-based fund house, a joint venture between JPMorgan Asset Management Ltd and Shanghai International Trust Co, has been given a 100 million yuan (US$16.1 million) quota under the pilot qualified domestic limited partner (QDLP) scheme, it said.
The scheme was launched in Shanghai in 2013, when six global hedge fund companies were granted approval to invest funds, raised in China, in offshore products such as real estate trusts and hedge funds.
Five more foreign fund managers were approved to join the scheme earlier this year.
China International Fund Management is the first domestic mutual fund company to join following recent changes to the qualification procedure.
Its first QDLP product will invest in an overseas hedge fund that has multi-asset investment capabilities globally, the statement said, without providing further details.
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