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Cutwater Asset Management obtains QFII License in China

Cutwater Asset Management has been awarded a qualified foreign institutional investor license (QFII) by the China Securities Regulatory Commission.

Cutwater has entrusted its representation in this key Chinese market with Bing Li of Li Brothers Holding Ltd.

By establishing the QFII programme in 2002, China began the process of opening its capital markets to foreign investors. In 2012, China continued its opening up by increasing its QFII quota from USD30bn to USD80bn and signalled its intentions to loosen its strict capital controls, liberalise its capital accounts and further internationalise its currency.

Clifford D (Cliff) Corso, chief executive and chief investment officer of Cutwater Asset Management, says: “We are gratified with the quickness with which we were able to obtain the necessary licensing allowing Cutwater access to the world’s second largest economy’s capital markets. It also provides access to Chinese clients wishing to invest outside China. This is an important milestone for Cutwater.”

QFII now permits licensed foreign investors to buy and sell yuan-denominated “A” shares in China’s mainland stock exchanges (in Shanghai and Shenzehn). Chinese mainland stock exchanges were previously closed off to foreign investors due to China’s tight capital controls of the movement of assets in-and-out of the country.

In announcing Cutwater’s QFII licensing, Corso also disclosed a consulting partnership with Bing Li, director of Li Brothers Holding, a trusted partner of Cutwater, who will act on behalf of Cutwater in all dealings with major Chinese institutions. Li Brothers is headquartered in Hong Kong.

“This new partnership with Bing Li will provide Cutwater with a trusted partner with on-the-ground access and insight into the Chinese capital markets and we look forward to long and fruitful relationship of trust for both Cutwater and Bing,” says Corso.

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