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East Capital launches a Luxembourg-registered fund investing in A-shares
The East Capital China A-Shares Fund, which invests in Renminbi- denominated A-shares listed on China’s mainland stock exchanges in Shanghai and Shenzhen, is registered in Luxembourg and already fully subscribed. East Capital group, a leading asset manager specialized in emerging and frontier markets, launched its sub-fund under the East Capital (Lux) SCA, SICAV-SIF umbrella fund. Citi Investor Services was appointed to provide a complete suite of fund services.
“East Capital is the first fund management firm domiciled in the Nordic region to receive a quota approval from the State Administration of Foreign Exchange under the Qualified Foreign Institutional Investor (QFII) program”, Karine Hirn, Partner and Co-Founder of East Capital, said.
Luxembourg has authorized a number of international promoters, including Chinese, to launch RMB denominated share classes and RMB denominated assets whose share classes are hedged against other currencies. At the end of 2013, Luxembourg boasted RMB 256.4bn of assets(i.e. RMB denominated funds and funds investing in RMB assets), positioning itself as an undisputed leading RMB fund center in Europe.
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