Societe Generale China fund JV wins approval to invest abroad under QDII scheme

By Fund China
Published: 08:06, August 28th, 2007

BEIJING (XFN-ASIA) - Fortune SGAM Fund Management Co Ltd, a Societe Generale fund joint venture, said it has received regulatory approval to invest overseas under China’s Qualified Domestic Institutional Investor (QDII) program, a fund spokesperson told XFN-Asia.

In June, the China Securities Regulatory Commission issued new rules allowing brokerages and fund management companies to use client funds to invest abroad in fixed income, stocks and financial derivatives, starting on July 5.

Six other fund managers, including three joint ventures involving Deutsche Bank, JP Morgan Chase and Fortis NV, have been granted QDII licenses.

Fortune SGAM started operating in February 2003.

Societe Generale Asset Management holds a 49 pct stake in the fund manager and Baosteel Group unit Fortune Trust & Investment Co Ltd holds the remaining 51 pct.

Copyright Fund China 2008.

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