Eurizon Capital, the asset-management division of Italy’s Intesa Sanpaolo, has received the status of Qualified Foreign Institutional Investor (QFII) from Chinese regulator.
The QFII status will allow Eurizon to invest onshore in different asset classes in the Chinese financial market through its own funds, up to a total maximum amount of $100 million.
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Quotas assigned by Chinese authorities vary in size but are capped at $1 billion per investor. China has so far handed out investment quotas totalling $42 billion.
"Eurizon maintains a positive outlook on the Chinese market, both with regard to the equities of the A-Share, as well as for appreciation of the exchange rate" of the yuan, Mauro Micillo, Eurozon’s managing director, said in a statement.
Last month Gao Zhen, managing partner of Mandarin Capital China and an adviser to Penghua Fund Management, joined Eurizon’s board. Eurizon itself is a shareholder of Penghua, which it uses for advice in Chinese markets.
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