A Chinese fund management company co-owned by JPMorgan Chase has received a licence to raise $100m in China to invest in an overseas hedge fund, official media reported on Wednesday.
China International Fund Management, in which JPMorgan owns a 49 per cent stake, is the first domestic mutual fund company to obtain a licence through China's Qualified Domestic Limited Partner (QDLP) programme.
Launched in 2013, the scheme grants foreign-exchange quotas that allow alternative asset managers to raise renminbi from onshore Chinese funds to invest overseas. Shanghai International Trust Co owns the remaining 51 per cent in CIFM.
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