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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 associate.
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.