Principal Global Investors (PGI), a US-based asset manager, has filed for a renminbi qualified foreign institutional investor (RQFII) license in Hong Kong to boost its distribution platform and investment capabilities in Asia.
The US-based fund house expects to receive the license by the end of this year, reported Asian Investor
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Earlier this year, the firm has entered into talks with foreign banks including Bank of East Asia, Citi, HSBC and Standard Chartered for distributing its Hong Kong and Ucits funds in China.
Andrea Muller, Asia CEO said that the talks are still ongoing.
In order to receive RQII license, PGI has been expanding its investment teams as well as its real-estate investment trust and multi-asset teams.
Additionally, PGI is seeking to hire another distribution executive in 2015.
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By GlobalData"We are not involved in the retail distribution business in Asia. PGI would not be a direct beneficiary but some of our JVs and their partners would be," Muller added.
PGI had managed assets of $495.5bn as of 31 March 2014.
