BNP Paribas Investment Partners (BNPP IP) has filed for a renminbi qualified foreign institutional investor (RQFII) licence in Hong Kong to launch a new hybrid bond fund.
The firm is also planning to apply for an RQFII licence in Singapore, according to Asian Investor.
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The license will be granted in two to three months and the firm is expected to initially apply for RMB1 billion (US$161 million) in quota.
According to Vincent Camerlynck, Asia-Pacific chief executive, the new product will invest in both onshore and offshore renminbi bonds.
Camerlynck said that the firm will seek additional quota based on the demand for an onshore RMB fund.
Recently, HFT Investment Management (HK) (HFT HK) has selected BNP Paribas Securities Services as custody services provider for its Renminbi Qualified Foreign Institutional Investor (RQFII) fund offerings.
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By GlobalDataBNPP IP said that it has investment staff focusing on equities and fixed income in both Hong Kong and Singapore.
