Principal GI gears up for RQFII business
The US fund house has applied for a renminbi qualified foreign institutional investor licence and is talking up its parent's China joint venture, despite difficulties encountered by other mainland JVs.
US-based Principal Global Investors has applied for a renminbi qualified foreign institutional investor (RQFII) licence in Hong Kong and expects to receive it by the end of the year.
The development follows recent moves to expand the fund house’s distribution platform and investment capabilities in Asia. PGI also has its sights set on mutual recognition, said Andrea Muller, Asia chief executive.
In January this year the firm was in talks with foreign banks – including Bank of Ea…
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