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BIZCHINA / News
China unit of JPMorgan wins QDII nod
Updated: 2007-08-06 10:42
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China International Fund Management Co, part-owned by a unit of JPMorgan
Chase & Co, has won regulatory approval to invest outside China as the
government seeks to stimulate the outflow of capital.
China International Fund will invest in the Asian-Pacific securities
markets, including Australia, South Korea and Hong Kong, the
Shanghai-based company said in a statement. It will also invest in
companies that are based in the Asia-Pacific region whose shares trade in
markets outside the region, said Bloomberg News.
China's government last month extended the qualified domestic
institutional investor, or QDII, program to all fund managers and
brokerages following Hua An Fund Management Co's trial participation.
China Southern Fund Management Co and China Asset Management Co received
QDII licenses from the securities regulator last month.
By letting fund managers, banks and insurers invest more abroad, China
aims to ease pressure on its currency to appreciate and discourage
investment that otherwise might fuel stock market and property
speculation. China's benchmark CSI 300 Index has more than doubled this
year to close at a record on Friday.
China International Fund, the fourth fund management company to receive a
QDII license, is 49 percent owned by JPMorgan Asset Management (UK) Ltd.
The firm had 56.9 billion yuan (US$7.52 billion) of assets under
management at the end of June 30, according to China Galaxy Securities Co.
Hua An received a US$500-million government quota in September to pool
foreign-currency deposits from local institutions and residents to buy
securities abroad. In November, the company raised a US$196.6-million
fund.
Chinese fund managers with more than two trillion yuan of assets under
management are allowed to invest in equities, government and corporate
bonds and asset- and mortgage-backed investments.
(For more biz stories, please visit Industry Updates)
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