Taiwan’s Mega International receives QFII licence
15 July 2013
News, China, Taiwan
By Hui Ching-hoo
Taiwan’s Mega International Investment Trust Co has become the latest Taiwanese asset manager to receive QFII status from the China Securities Regulatory Commission (CSRC), according to a report from United Daily News on July 12.
Mega International is the subsidiary of First Financial Holdings, an entity of Taiwan’s government-affiliated First Bank. First Financial Holdings (and another subsidiary First Securities Investment Trust Co (First SITC)), was awarded a US$50 million QFII quota from China’s State Administration of Foreign Exchange (Safe) in March this year.
An increasing number of mid-sized asset managers in Taiwan have tapped into the QFII market after CSRC lowered the AUM requirement on Taiwanese asset management firms from $5 billion to $500 million last year.
According to statistics from the Securities Investment Trust & Consulting Association (SITC), Mega International is the eighth largest asset manager in Taiwan, with a 4% market share.
Up to the end of May, CSRC had awarded QFII licences to ten Taiwanese asset managers; including Yuanta, Fubon, Capital, Cathay, Fuh Hwa, Prudential, JP Morgan Asset Management Taiwan, Uni-President, SinoPac, and Taishin.
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