Guggenheim received its licence in June. The firm, which is headquartered in New York, offers ETFs, mutual funds, variable insurance funds and other products to US investors, according to the firm’s website.
Guggenheim Funds is the eighth largest ETF provider in the US, managing ETF assets of around $31.24bn, according to data from Etf.com.
In total, the firm managed around $217bn as of the end of March, according to its website.
Guggenheim is the second US firm, after Blackrock, to receive a licence to participate in China’s RQFII programme. Blackrock Fund Advisors received its RQFII licence in November last year and was awarded its quota, amounting to RMB 11bn ($1.6bn), in February.
The RQFII programme was extended to the US last year, with a quota ceiling of RMB250bn. The US has the second highest quota ceiling following Hong Kong, whose ceiling was recently increased to RMB 500bn after the earlier amount RMB 270bn had been fully utilized.
Separately, Hong Kong-based China Industrial Securities International Asset Management received a qualified foreign institutional investor (QFII) licence last month, according to CSRC records.
The QFII and RQFII programmes allow foreign institutional investors to invest in onshore assets using US dollars and offshore renminbi, respectively, with allocated quotas.
Since the programmes started, the CSRC has granted RQFII licences to 221 firms and QFII licences to 311 firms, according to the regulator’s records.
