China International Fund Management, a joint venture of JPMorgan Asset Management and Shanghai International Trust, has received Qualified Domestic Limited Partnership (QDLP) license to raise $100m in China to invest in overseas assets.
The firm, which is 49% owned by JPMorgan and 51% by Shanghai International Trust, has become the first local mutual fund firm to receive this licence, which was earlier granted only to foreign fund managers.
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QDLP programme, which was launched in 2013, grants foreign-exchange quotas that enable alternative asset managers to raise renminbi from onshore Chinese funds to invest in overseas assets.
Overseas mutual fund companies including UBS Global Asset Management, Deutsche Asset & Wealth Management and Nomura Asset Management had received $100m QDLP licenses earlier in 2015.
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