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BIZCHINA / News
Southern Fund wins nod to invest abroad
(Shenzhen Daily)
Updated: 2007-07-30 08:33
China Southern Fund Management Co., one of the country’s three largest
fund companies, said it had won approval from regulators to invest
clients’ money in foreign financial markets.
The company is now preparing to launch its first overseas investment fund
while submitting a proposal for its maximum size to foreign exchange
regulators, domestic newspapers reported Saturday.
“We hope the size of China Southern’s first Qualified Domestic
Institutional Investor (QDII) fund will be relatively large, ideally
above US$1 billion,” the Shanghai Securities News quoted general
manager Gao Liangyu as saying.
The announcement is expected to be the first in a series of approvals for
mainland fund management firms and brokerages to invest overseas, after
authorities revised rules in June to let them join the QDII program.
Previously, only banks and insurance companies, with the exception of
Huaan Fund Management Co., had been permitted join the program, which was
launched last year.
Regulations limit the markets QDII investors can enter in the initial
stages. Deputy general manager Xu Xiaosong was quoted as saying China
Southern’s new fund would focus on Hong Kong-listed stocks and funds
traded on foreign exchanges.
China Asset Management Co. is close to obtaining approval to launch a
QDII fund, while several major brokerages have applied, industry sources
say.
(For more biz stories, please visit Industry Updates)
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