Socit Gnrale Asset Management (SGAM) joint venture, Fortune SGAM, has been granted the Qualified Domestic Institutional Investor (QDII) licence.
Fortune SGAM is one of the very first Chinese asset management companies to obtain this licence, which authorises it to market funds invested outside China to Chinese investors. This will allow it to offer its clients investment products from the whole of the SGAM Group.
The joint venture between SGAM and the industrial group Baosteel, Fortune SGAM has established itself since its creation in 2002 as one of the most dynamic players on the local market. Thanks to strong inflows, its assets have quadrupled since the beginning of the year to reach USD 9.1 billion as at 28th August 2007.
Fortune SGAM manages 9 funds for 1.2 million clients and is ranked 4th asset management joint venture in terms of assets under management.