NEWS
China’s CSRC grants QFII status to additional firms
22 February 2013
Category:
News, Asia, China, Global
By Asia Asset Management
The China Securities Regulatory Commission (CSRC) announced on Thursday (February 21) that the regulator awarded qualified foreign institutional investors (QFII) statuses to six new overseas financial institutions in January, boosting the total number of QFII participants to 213.
CSOP Asset Management, the 70%-owned subsidiary affiliate of Shenzhen-based China Southern Asset Management (CSAM), is among the six QFII recipients along with Sweden’s East Capital AB, Taiwan’s First Securities Investment Trust Co, UBS Global Asset Management (Hong Kong), Switzerland’s EJS Investment Management SA, and Singapore's Investec Asset Management.
CSAM Assistant CEO and managing director and CSOP CEO Chen Ding tells Asia Asset Management that CSOP is the cornerstone of the group’s plan to expand its overseas presence, noting that the entity has been making remarkable progress since its inception in 2008 with the launch a couple of fund products, including equity long/short hedge funds and RQFII products.
The endowments came weeks after CSRC Chairman Guo Shuqing revealed that the Chinese government intends to expand the scale of QFII and RQFII programmes tenfold over the long term to pave the way for full RMB internationalisation.
Last year, QFII A-share funds displayed a solid track record with an average return of 7.43% year-on-year, according to a report from fund consultancy Lipper.
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