As China is opening up its capital market to offshore investors, its fund managers are also setting their sights overseas to lure more money from abroad.
For E Fund Management, which has $100 billion in assets under management, setting up a presence in London and New York will boost its global profile, according to Bloomberg
“Going global is a definite trend for major Chinese fund management companies, as there are many opportunities overseas and foreign investors are interested in yuan assets,” Bloomberg quoted E Fund president Sau Kwan as saying. “This is a vital stepping stone for our growth.”
The firm plans to sell its fixed income and equity financial products through its New York and London offices, the report said.
China has taken a more aggressive step in liberalizing its capital market this year as it wants the renminbi to be part of the IMF’s currency reserve. Aside from allowing more foreign investors to invest in its stocks and bonds, the government has also set up more yuan clearing centers abroad to facilitate transactions.
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