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Eurizon Capital acquires QFII license
07 June 2013
Intesa Sanpaolo's asset management business is the first Italian entity to obtain the QFII permit
Qualified Foreign Institutional Investor
Intesa Sanpaolo's asset management business, Eurizon Capital, has obtained the status of Qualified Foreign Institutional Investor (QFII), which will allow it to invest directly onshore up to $100m in different asset classes in the Chinese financial market through its own funds.
Eurizon is the first asset management company belonging to an Italian banking group to receive the QFII licene.
Eurizon will invest its allocation through new sub-funds within its range of Luxembourg funds over the next six months.
"The achievement of this milestone was made possible by the Intesa Sanpaolo Group's strategic desire to continue expanding its market presence in the Chinese financial market, " said managing director of Eurizon, Mauro Micillo.
"Eurizon maintains a positive outlook on the Chinese market, both with regard to the equities of the A-Share, as well as for the appreciation of the exchange rate," Micillo added.
The QFII qualification permits access to the A-Share market, where many Chinese small-cap stocks are traded and invest in fixed income securities, both government and corporate, with potential for attractive returns and diversification compared with European and American markets.
Last year China branched out the QFII scheme to encourage more foreign investors to take part.