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Alternative Market Briefing

China to license foreign shops to expand hedge fund industry

Monday, January 07, 2013

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Hubert Tse
From Precy Dumlao, Opalesque Asia The Chinese government continues to embrace the expansion of its local hedge fund industry.

Hubert Tse, a partner at the Shanghai-based law firm Boss & Young, announced that the Shanghai Municipal Financial Service Office is expected to launch the qualified domestic limited partner (QDLP) pilot program in the next few months and issue its first license.

This is good news for hedge fund managers as Chinas regulators are soon to allow foreign hedge funds to set up shop in Shanghai, Chinas second largest city.

The first to take a dip into these QDLP is Indus Capital Partners, which was spun out of legendary hedge fund manager George Soros firm more than a decade ago, and has been eyeing the Chinese market for some time.

Indus, which runs long-short strategies, said it would apply to the QDLP program early this year which allows non-Chinese hedge funds to establish marketing offices in Shanghai and solicit assets from assets from its institutional and high-net-worth investors. QDLP also allows foreign asset managers to set up wholly owned subsidiaries in China to raise RMB (renminbi) funds through private placement for investment in international capital markets.

Brian Guzman, general counsel and partner at Indus, said they hope that Chinese regulators look at th......................

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