By Chrysant Liu

Fortis Haitong Fund Management has secured additional QDII quota from SAFE in late February. With the latest quota, Fortis now has a total of US$1 billion for investments offshore, according to Tian Rencan, CEO of Fortis Haitong Fund Management.

Mr Tian said that 40% of the additional QDII quota will be used for a retail fund while the remaining 60% will be allocated for institutional investors. Fortis Haitong currently has one QDII fund which was launched in June 2008.

With the latest quota, Fortis is now planning to launch a second QDII fund and Mr Tian said that the firm is waiting for approval from the China Securities Regulatory Commission. Mr Tian did not disclose details of the fund.

Last year, the company’s QDII fund performed well; it rose by 83.47% in 2009 and was the best performing QDII fund. Fortis Haitong is also planning to open an office in Hong Kong, Fortis Haitong Asset Management (Hong Kong) Ltd. Co. The registered capital of the firm is HK$60 million. Approval for the Hong Kong company is pending.

According to Mr. Tian, the new Hong Kong unit will be the platform for the overseas expansion of Fortis Haitong. “It will certainly make things easier for us especially in our dealings with Taiwanese companies such as Polaris Securities Investment Trust Company Ltd.(Polaris Investment),” he said.

Last May, Fortis Haitong signed a memorandum of understanding (MOU) with Taiwan’s Polaris Investment, becoming the first Mainland fund management to work with a Taiwan financial institution.