Posted inChina

Amundi receives QDLP qualification

The asset manager also has a wealth management joint venture with BOC Wealth Management.

Amundi’s wholly foreign-owned enterprise (WFOE) in Beijing, Amundi Private Fund Management, has received a qualified domestic limited partnership (QDLP) licence from the Asset Management Association of China (AMAC) last month, according to the association’s records.

Amundi Private Fund Management was established in December last year, with five staff members and a registered capital of €4m ($4.8m), AMAC records show.

The QDLP scheme allows licensed foreign asset managers to raise renminbi-denominated sums from qualified individual and institutions in China, with assigned quotas, to invest in offshore traditional and alternative investments. 

Amundi was granted QDLP quotas amounting to $300m, the firm said.

In total, around 46 QDLP strategies managed by 32 foreign asset managers have been approved by the Asset Management Association of China, according to records from the association.

This year, three foreign asset mangers have received approval to launch four products, including Neuberger Berman, Edinburgh-headquartered Baillie Gifford, and Pimco.

Besides its QDLP qualificaiton, Amundi also operates a wealth management joint venture (JV) with BOC Wealth Management, Amundi BOC Wealth Management. The JV launched its first product in December.

Amundi owns 55% of the wealth management JV, whlie the remaining stake is owned by BOC Wealth Management.

The firm also has another WFOE in Beijing, Amundi Investment Advisory, which was established in 2019, which provides support and advisory for the group’s internal China strategy. It liaises with regulators as well as key strategic partners in China, but do not provide asset management-related services to clients.

Part of Mark Allen.