France’s Lyxor Asset Management has been granted a RMB Qualified Foreign Institutional Investor (RQFII) licence from the China Securities Regulatory Commission (CSRC).
At the same time, the asset manager has also secured a quota of RMB6bn (nearly EUR880m), which is the largest allocation made to a European firm till date.
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The RQFII licence will enable the firm to invest offshore RMB capital into mainland equities as well as fixed income markets across china.
Lyxor Asset Management head of international development Pierre Gil commented: "The quota we have just received in France will complement that of our Hong Kong partner, and has enabled the success of our new Chinese equity ETF. We will now expand our range of investment solutions across the equity and bond markets in the form of dedicated mandates and funds in order to meet the growing demand from European investors."
The firm already has a presence in the Chinese market through Fortune SG, which is a joint venture between its parent Societe Generale Group and Chinese metal company Baosteel Group.
The joint venture, set up in 2003, helps the firm deliver offering across equities, fixed income and balanced mutual funds to Chinese investors.
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