Daiwa SB Asset Management, a joint venture between Daiwa Securities Group and Sumitomo Mitsui Financial Group, is seeking a $300m quota under the nation’s qualified foreign institutional investor (QFII) scheme to gain foothold in China’s fast growing capital markets, , reported Reuters.
Takashi Hibino, deputy president of Daiwa Securities Group, said that Daiwa SB has applied to Chinese regulators for the quota and is now waiting for approval. He would be relocated from Tokyo to Hong Kong.
Mr Hibino said: “This is part of Daiwa’s plan to boost its business outside Japan as Daiwa aims to become one of the top 10 investment banks in Asia ex-Japan markets by 2013,” reported the news agency.
