The Shanghai-based wholly foreign-owned enterprise of BNP Paribas Asset Management, BNP Paribas Overseas Investment Fund Management (Shanghai) Co. Limited, has been awarded a Qualified Domestic Limited Partner (‘QDLP’) qualification.
The QDLP programme enables global asset managers to raise funds from domestic investors in China to buy overseas traditional and alternative assets such as equities and real estate investment trusts.
BNPP AM said it would become the first manager with a QDLP quota to provide a fund focused on ESG investments to Chinese investors based onshore.
Ligia Torres, CEO of BNP Paribas Asset Management Asia-Pacific, commented: “China is a key growth market for BNP Paribas Asset Management. Through this programme, qualified high net worth and institutional investors in China seeking to diversify their investments across an expanding range of asset classes and geographies can now access our global expertise as an investment solutions provider.”
BNPP AM’s story with China dates back to 2003 when it obtained a 49% share in HFT Investment Management, a joint venture fund management company which had been granted approval from the China Securities Regulatory Commission to provide Chinese local financial products to onshore investors.
As a qualified foreign institutional investor, BNPP AM has had access to the Chinese market since 2004. On September 2014, BNPP AM was granted one of the first RMB Qualified Foreign Institutional Investors (‘RQFII’) licenses in France and the eurozone.
It has also been granted RQFII licenses in Hong Kong and Korea. BNPP AM established its WFOE that operates the Shanghai pilot free trade zone in December 2014.
BNPP AM had €568bn of assets under management as of 31 March 2018.