China to approve new foreign fund managers for QDLP scheme

April 21, 2015 6:18 AM

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BEIJING, April 21 (Reuters) - Five foreign fund and private equity managers are set to gain approvals to enter a pilot scheme aimed at opening China to the $2 trillion-plus global hedge fund industry.

The firms, which include UBS Global Asset Management and Deutsche Asset & Wealth Management, received the go-ahead in February to establish local firms to raise yuan from wealthy and institutional investors to spend on alternative assets overseas, said sources with direct knowledge of the matter.

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