Five foreign fund managers to raise yuan for alternative asset investment abroad

Five foreign fund managers have been approved to set up local firms in China to raise yuan from both institutional and individual investors to spend on alternative assets overseas, Reuters reported, citing unnamed sources. The approval came in February for the firms, which including UBS Global Asset Management and Deutsche Asset & Wealth Management and are expected to begin operations in June with foreign exchange quotas of US$100 million. The new, a new round of the Shanghai-based qualified domestic limited partner (QDLP) program, would also allow asset managers to file for more foreign exchange if they exhaust their quotas.