DBS's China fund JV gets investor licence

Source : The Business Times, October 13, 2007

DBS Asset Management (DBSAM), a wholly owned subsidiary of DBS Bank, announced yesterday that its joint venture with China's Changsheng Fund Management Company has been granted the Qualified Domestic Institutional Investor (QDII) licence by the China Securities Regulatory Commission (CSRC).

Related link - http://tinyurl.com/23k3j2
DBS' news release

The joint venture, Changsheng Fund Management, is one of the first six sino-foreign fund management companies (FMCs) to receive approval under the QDII scheme.

With this licence, Changsheng will now be able to help its clients invest their funds in overseas markets.

Said chief executive officer of DBSAM Deborah Ho: 'This is exciting news for us. Our strategic investment and partnership with Changsheng combines DBSAM's expertise in investment management and Changsheng's local knowledge and distribution capabilities. This partnership underscores DBSAM's commitment to China and we look forward to helping our clients grow their wealth in a resurgent Asia.'

And right after getting the QDII licence, Changsheng will be launching its Selected Global Sector Fund which will focus on varied industries in the fast growing economies.

'The scale of the fund market and diversification of fund products in China have been growing rapidly. New fund products such as the Selected Global Sector Fund will certainly provide China's growing affluent market with wider choices,' said Ms Ho.

DBSAM holds a 33 per cent stake in Changsheng.