Asia Asset Management writes "HFT is poised to roll out first RQFII money market fund". It says, "HFT Investment Management (HK) (HFTHK), a joint venture between BNP Paribas Investment Partners and Haitong Securities, is set to launch the first RQFII [Renminbi Qualified Foreign Institutional Investor] money market fund in Hong Kong after receiving approval from the Securities & Futures Commission (SFC) to go ahead with it. Jelle Vervoorn, chief executive officer of HFTHK notes the fund will be the first of its kind to primarily invest in money market instruments issued in China, enabling investors' [outside of] China to enjoy Mainland yield levels for these products. Bruno Campenon, head of BNP Paribas Securities Services Hong Kong, says BNP Paribas is very focused on helping clients expand into RQFII products as an integrated part of its global fund distribution solution for asset managers." "With our global expertise across multiple markets and international fund centres worldwide, we now provide our fund manager clients with another new channel in the RQFII space to support their business strategy, meeting the unique operational and regulatory requirements of China's fund market," he explains. The piece adds, "Lawrence Au, head of Asia Pacific with BNP Paribas Securities Services, says he is aware of the fact that some European investors are looking to launch RQFII products in Singapore, from where they can benefit from the ASEAN Collective Investment Scheme (CIS) framework to distribute their products in Thailand and Malaysia. He expects the first RQFII fund to come on line in Singapore in the next few months."

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