Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Xetra  >  Allianz    ALV   DE0008404005

ALLIANZ (ALV)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Exclusive - China to lift curbs on foreign fund offshore investments: sources

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/19/2017 | 01:41pm CEST
A Chinese flag is seen near a construction site in Beijing's central business area

HONG KONG (Reuters) - China will lift a two-year suspension on foreign funds raising money in the country to invest overseas as early as June, people familiar with the matter said, a sign that Beijing is getting less anxious about capital outflow pressures.

Some industry executives said the expected resumption of the Qualified Domestic Limited Partnership (QDLP) programme may mean that an official crackdown on capital outflows and a weakening of the dollar have provided the authorities with more policy flexibility.

The Shanghai Municipal Government Financial Services Office, which runs the QDLP scheme, did not respond to requests for comment, while the State Administration of Foreign Exchange (SAFE), which controls the capital account, did not immediately respond to a request for comment.

The QDLP programme allows foreign fund managers to raise money within a set quota from high net-worth Chinese investors through a wholly-owned onshore fund management company and invest the cash overseas.

Launched in 2013, QDLP was one of a handful of controlled schemes that allowed Chinese to invest money overseas. It was subsequently informally suspended in 2015 after the stock market crashed and lost around 40 percent of its value.

The licences and accompanying quota had previously been issued in batches, with authorities expected to issue the long-awaited next round in coming weeks, said two people briefed by regulators on the matter.

One of these people said authorities will, however, be a "little cautious" granting only around half a dozen licences, these people said. The quota will also be lowered from $100 million (£76.8 million) per manager during the previous batches to between $50 million and $75 million this time round, one of these people and a third individual briefed on the matter said. That could amount to between $300 million to $450 million in fund flows abroad.

The sources said SAFE must ultimately sign-off on lifting the suspension.

But SAFE may be more comfortable doing so after the yuan rose 1 percent against the dollar this year after falling 6.5 percent in 2016. China's foreign exchange reserves also rose in April for a third straight month, as stringent capital controls and a pause in the dollar's rally helped staunch outflows.

On Friday, SAFE said China's cross-border capital flows were stabilising and improving.

Some foreign managers such as insurance giant Allianz (>> Allianz SE) and Dutch manager Robeco have positioned for the relaxation in curbs since late last year..

The opening-up of the QDLP quota, though small, will also expand the range of investment options global private banks can offer their wealthy clients in China, industry officials said.

Reuters reported in 2015 BlackRock Inc became the first traditional asset manager to receive the QDLP licence, joining a handful of other global funds, including Man Group Plc and Och-Ziff Capital Management Group.

QDLP funds are private, meaning data is not publicly available on assets or performance, but industry insiders say they have seen strong demand as wealthy Chinese scrambled to hedge their exposure to the falling yuan by investing offshore.

A growing number of foreign financial institutions, including Aberdeen Asset Management, U.S. hedge fund Bridgewater Associates and Vanguard, have recently set up stand-alone money-management firms in China as Beijing further deregulates the mainland fund industry.

Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with domestic firms, but Beijing has been gradually loosening the reins.

(Additional reporting by Sam Shen in SHANGHAI; Editing by Jacqueline Wong)

By Sumeet Chatterjee and Michelle Price

Stocks treated in this article : BlackRock, Inc., Allianz SE
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK -0.23% 539.61 Delayed Quote.5.28%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ALLIANZ
05/23ENCOURAGING FUTURE GENERATIONS : Life of a Refugee
PU
05/23Norway court hears appeal from Gassled pipeline owners over tariff cuts
RE
05/22ECONOMY MINISTER : Germany to help firms trading with Iran 'where it can'
AQ
05/21ALLIANZ : completes sale of part of its life insurance portfolio in Taiwan to Ch..
AQ
05/19ALLIANZ : to get 250m commercial business boost from LV deal
AQ
05/19Global insurers review business after U.S. exit from Iran deal
RE
05/18ALLIANZ : bullish on Sri Lanka's insurance landscape
AQ
05/18ALLIANZ : Bajaj Allianz General FY18 net up 26.51 per cent
AQ
05/18ALLIANZ : completes sale of part of its life insurance portfolio in Taiwan to Ch..
PU
05/17ALLIANZ : and PIMCO launch new retirement income business in Australia
PU
More news
News from SeekingAlpha
05/18Allianz SE (AZSEY) Q1 2018 Results - Earnings Call Transcript 
05/15Allianz SE ADR 2018 Q1 - Results - Earnings Call Slides 
05/15Allianz reports Q1 results 
05/04Jobs Report Coming Out, Berkshire's Apple Stake Going Up (Wall Street Breakfa.. 
05/04WALL STREET BREAKFAST : Non-Farm Payrolls In Focus 
Financials (€)
Sales 2018 120 B
EBIT 2018 11 402 M
Net income 2018 7 572 M
Debt 2018 -
Yield 2018 4,62%
P/E ratio 2018 10,73
P/E ratio 2019 10,12
Capi. / Sales 2018 0,69x
Capi. / Sales 2019 0,67x
Capitalization 82 564 M
Chart ALLIANZ
Duration : Period :
Allianz Technical Analysis Chart | ALV | DE0008404005 | 4-Traders
Technical analysis trends ALLIANZ
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 213 €
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Oliver Bäte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Giulio Terzariol Chief Financial Officer
Rolf Zimmermann Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
ALLIANZ-2.25%96 188
CHUBB LTD-8.66%62 175
AMERICAN INTERNATIONAL GROUP-10.54%48 102
ZURICH INSURANCE GROUP3.10%46 684
MARSH & MCLENNAN COMPANIES0.06%41 250
HARTFORD FINANCIAL SERVICES GROUP (THE)-5.77%18 953