China Outbound Fund Products Hit Hurdle in Blow to Global Firms

Global asset managers are facing a new roadblock in their struggle for a foothold in China’s market to sell fund products to wealthy investors. For the past half year, they’ve been unable to introduce any new products in a key program that helps such clients invest abroad.

Asset managers have since July failed to register new funds under the so-called Qualified Domestic Limited Partner program, which is designed to let them raise money from wealthy local clients to invest into offshore assets, according to people with knowledge of the matter.