Investment Updates News
- Schroders eyes QDII, QFII role
Date: 12-Dec-2006 Sources: (Shenzhen Daily)
U.K. fund manager Schroders named its new China head yesterday and said the company was keen to access programs allowing it to invest in China's domestic markets and allowing Chinese investors to put money to work abroad.
The London-based firm appointed former AllianceBernstein Investments and Morningstar executive Sheldon Gao as its China country head, reporting to Schroders Asia Pacific CEO Lester Gray.
It said Gao will help lead development of Schroders' Qualified Domestic Institutional Investor (QDII) and Qualified Foreign Institutional Investor (QFII) businesses in China.
The QFII program allows international investors to buy into China's domestic equity and debt markets, while the QDII program lets Chinese investors put their money to work in global markets.
China has granted QFII quotas totaling US$8.65 billion to more than 40 foreign companies since it launched the program in 2003.
It has proven popular, with international financial firms clamoring for additional quotas as China's domestic A-share market rallied. Shanghai's benchmark stock index is up about 83 percent this year.
The QDII program has proven to be less popular since its launch earlier this year.
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