China's qualified foreign institutional investor QFII scheme is quickly shifting from a business dominated by global brokers to one where both foreign and domestic fund management companies are making inroads.
Sources at Chinese fund management companies report that two foreign fund managers, including Invesco, have submitted applications for QFII licences to the China Securities Regulatory Commission. The CSRC is keen to get global fund houses directly involved in the A-share market, and its green light is expected in the second quarter.
To date, only brokers such as Goldman Sachs and Morgan Stanley have applied for the QFII license, which involves a minimum investment of $50 million, with quotas as high as...
