Aviva Investors today announced it has received approval for a Qualified Foreign Institutional Investment (QFII) quota of US$100 million from the State Administration of Foreign Exchange of China.
Aviva Investors today announced it has received approval for a Qualified Foreign Institutional Investment (QFII) quota of US$100 million from the State Administration of Foreign Exchange of China.
The approval follows the granting of a QFII license by the China Securities Regulatory Commission in December 2009 and means Aviva Investors can now invest directly in Renminbi denominated bonds and A shares.
Alain Dromer, chief executive officer of Aviva Investors, said: “China is one of the most significant markets in the world and being able to provide clients with direct investment access is a critical requirement for any global institutional investor. Our existing funds will now benefit from direct access to Chinese capital markets and we are also positioned to develop new products with the potential to invest in China related investment instruments.”
Craig Bingham, chief executive officer of Aviva Investors Asia Pacific, added: “The Chinese market has demonstrated exceptional economic dynamics, proving resilient to financial bumpers whilst maintaining strong growth prospects.
“As a vast number of Chinese companies now actively pursue business opportunities around the world, we expect their pace of growth to continue, providing support to share prices over the longer term.”
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Notes to editors:
Aviva Investors
Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of almost £260 billion at 31 December 2010.
Aviva plc
Aviva is a leading provider of life and pension products in Europe (including the UK) with substantial positions in other markets around the world, making it the world's sixth largest insurance group based on gross worldwide premiums at 31 December 2009.
Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales* of £47.1 billion and funds under management of £402 billion at 31 December 2010.
* Based on 2010 published life and pensions PVNBP on an MCEV basis, total investment sales and general insurance and health net written premiums, including share of associates' premiums.