Citadel, Man Among First Foreign Hedge Funds To Win China License

Sep 13 2013 | 12:35pm ET

Citadel Investment Group, Man Group and Och-Ziff Asset Management will be among the first foreign hedge funds permitted to raise money in mainland China.

The three industry giants are among six hedge funds to win quotas as part of Shanghai's new qualified domestic limited partner program, allowing them to raise yuan, the 21st Century Business Herald reports. Each fund had been granted a US$50 million quota; the entire program will have a US$5 billion quota.

Also winning licenses are Canyon Partners, Oaktree Capital Management and Winton Capital Management.

QDLP will allow China's richest citizens to invest in foreign hedge funds for the first time.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…