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Firm seeks QFII to ride on share market
Date:2010/6/7      View:1151
 
Russell Investments Ltd plans to apply for a qualified foreign institutional investor status as it aims to ride on China's stock market, Alan Schoenheimer, its Asia-Pacific chairman, said yesterday in Shanghai.

The company will apply to the Chinese regulator within weeks, Schoenheimer told Shanghai Daily on the sidelines of a Sino-Australia financial seminar yesterday at the World Expo.

He shrugged off the current sluggish emotions in the A-share market. The benchmark Shanghai Composite Index has lost 22 percent this year.

"We're more interested in the long-term growth story than short-term market volatility," he said.

"Our investment is long term, so a little bit of downturn doesn't matter."

The QFII program is set up for overseas companies to invest in China's yuan-backed A-share stock market through foreign exchange quotas set by the regulator.

AMP Capital Investors, which gained its QFII status in 2006, is awaiting approval from the China Securities Regulatory Commission and the State Administration of Foreign Exchange to allow it to expand its forex quota to invest in the A-share market.

The wealth management company expects an extra quota of more than US$200 million, said Beng Neoh, managing director for AMP North Asia. The company operating in Australia and New Zealand has already obtained a quota of US$300 million, which it has injected into the A-share market.

It is also seeking opportunities to invest in China's stock brokerages, Neoh said.
 
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