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First foreign hedge fund entrants to be approved in Shanghai, says Financial Times

BritCham / CBBC
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According to a recent report in the Financial Times, six global hedge funds are likely to be approved to raise money from institutions within China for investing overseas, which would represent a key reform of China's capital account and would further open the country up to international markets. 
 
The report says that Shanghai has granted an overall quota of $300m that will be divided equally among six foreign funds – Canyon Partners, Citadel, Man Group, Oaktree, Och-Ziff and Winton Capital – with each permitted to raise up to $50m. It also cites a report in China's 21st Century Business Herald stating that these quotas have been awarded on a trial basis. The programme is yet to be finally approved.
 
You can read the full FT article here (registration required). 
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