China Gambles On Plucky Hedge Fund Startups For Foreign Firm Program

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Just kidding. It's the usual suspects.

China has granted six foreign hedge fund management companies quotas to raise yuan in China and invest it abroad, the 21st Century Business Herald reported, citing an unidentified source with knowledge of the decision.

The quota opens up the world's second-largest economy for the first time to the $2 trillion-plus global hedge fund industry, potentially helping foreign funds raise billion of dollars from Chinese institutional investors for investment abroad….

The firms include the Man Group Plc, Winton Capital Management, Oak Tree, Citadel, Och-Ziff Capital Management Group LLC and Canyon Partners, the report said. Each fund has been granted a $50 million individual quota.

Man, Och-Ziff among hedge funds to get China quote for investment overseas - report [Reuters]

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