Cutwater Asset Management Obtains QFII License in China; Partners with
Chinese Financier, Bing Li
ARMONK, N.Y. -- February 4, 2013
Cutwater Asset Management, one of the world’s largest fixed income investment
management firms, has been awarded a qualified foreign institutional investor
license (QFII) by the China Securities Regulatory Commission. Cutwater has
entrusted its representation in this key Chinese market with Bing Li of Li
Brothers Holding Ltd.
By establishing the QFII program in 2002, China began the process of opening
its capital markets to foreign investors. In 2012, China continued its opening
up by increasing its QFII quota from $30 billion to $80 billion and signaled
its intentions to loosen its strict capital controls, liberalize its capital
accounts and further internationalize its currency.
Clifford D. (Cliff) Corso, CEO and Chief Investment Officer of Cutwater Asset
Management, said of the firm’s QFII licensing: “We are gratified with the
quickness with which we were able to obtain the necessary licensing allowing
Cutwater access to the world’s second largest economy’s capital markets. It
also provides access to Chinese clients wishing to invest outside China. This
is an important milestone for Cutwater.”
QFII now permits licensed foreign investors to buy and sell yuan-denominated
“A” shares in China’s mainland stock exchanges (in Shanghai and Shenzehn).
Chinese mainland stock exchanges were previously closed off to foreign
investors due to China’s tight capital controls of the movement of assets
in-and-out of the country.
In announcing Cutwater’s QFII licensing, Corso also disclosed a consulting
partnership with Bing Li, Director of Li Brothers Holding Ltd. (LBH), a
trusted partner of Cutwater, who will act on behalf of Cutwater in all
dealings with major Chinese institutions. Li Brothers is headquartered in Hong
Kong. “This new partnership with Bing Li will provide Cutwater with a trusted
partner with on-the-ground access and insight into the Chinese capital markets
and we look forward to long and fruitful relationship of trust for both
Cutwater and Bing,” said Corso of his new partner and long-time business
Bing Li, U.S. educated at Rutgers University, speaks, reads and writes both
Chinese and English. He has wide experience beginning with various managerial
positions at HSBC Securities in New York, a seven-year tenure that began with
an internship. He also had experience working in London and in Hong Kong for
JP Morgan Securities (Asia Pacific) Limited and Deutsche Bank Group. He also
was a managing director at Tandem Global Partners, www.cutwater.com.
Cutwater Asset Management is a client-focused and solutions-based investment
advisor focused exclusively on fixed income investments. With over $30 billion
in assets under management, Cutwater Asset Management is one of the largest
institutional fixed income investment managers in the world. Cutwater's model
combines world-class investment expertise and risk management capabilities
with exceptional client service, in-depth consultation, and extensive
interaction between clients and the investment team. Our investment philosophy
is focused on delivering consistent and superior risk-adjusted returns by
taking a long-term view of the market and applying a counter-cyclical and
forward-looking approach to capital allocation. For more information, please
visit our website at www.cutwater.com.
About Li Brothers Holding Co.
Li Brothers Holdings Ltd. (LBH) is a Hong Kong-based company which provides
consulting services to foreign institutions across various industries and
markets in Asia, with experience in cities including Hong Kong, Beijing,
Shanghai and Singapore. Our team consists of specialized professionals in
corporate finance, global capital markets, accounting and marketing. LBH takes
pride in providing extensive knowledge in each respective market and industry
while assuring clients with quality service and assistance.
The Dilenschneider Group for Cutwater Asset Management
Fred Bona, 973-886-2395
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