The China Securities Regulatory Commission (CSRC) has granted RMB Qualified Foreign Institutional Investors (RQFII) licence to Singapore-based Fullerton Fund Management.
The licence will allow Fullerton to tap the large pools of offshore RMB funds for more efficient access to China’s onshore capital markets.
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The status also provides the fund manager with simplified funds repatriation, daily liquidity, and flexible investment guidelines allowing investors to allocate across equities and fixed income.
Fullerton chief executive and CIO Manraj Sekhon said that with China’s long-term investment potential, the government’s emphasis on reform and rebalancing the Chinese economy will position the country for more sustainable growth.
"As the country continues to liberalise its markets and capital account, we expect international demand for RMB-denominated assets to increase. Alongside our clients, we take a long term view on China. Having an RQFII licence will provide unprecedented opportunities to participate in China’s growth," added Sekhon.
"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. "
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By GlobalDataFullerton’s RQFII application was facilitated by HSBC China, which will also provide custodian services for Fullerton’s RQFII products.
Fullerton currently manages onshore RMB equity strategies, onshore and offshore RMB fixed income strategies from its Shanghai office that also manages China A equities research.
