Singapore’s Fullerton awarded RQFII status

28 May 2014   Category: News, Asia, Global, Singapore   By Derek Au

Fullerton Fund Management, the asset management unit of Singapore wealth fund Temasek Holdings, has been awarded RQFII status by the China Securities Regulatory Commission (CSRC).

The announcement also means that HSBC will become the first foreign custodian bank in Mainland China to service a Singapore-based RQFII

As Fullerton’s onshore custodian bank in China, HSBC facilitated the asset management company’s application under the CSRC pilot programme. In October 2013, China announced it had extended the RQFII pilot scheme to Singapore with a quota of 50 billion RMB (US$8 billion) being allocated.

Manraj Sekhon, chief executive and chief investment officer at Fullerton, said: “The award of RQFII status by the CSRC is the latest affirmation of our commitment to China. It also provides us greater flexibility in product development, allowing us to provide solutions that better meet the demands of our clients and the market.”

Tony Lewis, head of HSBC Securities Services in Singapore, added: “Since the allotment of RQFII quota to Singapore, HSBC has been working closely with financial institutions in Singapore to help them access the Chinese market. We offer clients easy access to our team of experts in China who have been involved in the evolution of the RQFII regime since its inception in 2011.”

Fullerton is one of the first Singapore-based entities to be granted RQFII status. In addition to this licence, Fullerton also holds a QFII status, which it was awarded in May 2012.