US-based asset manager Thornburg Investment Management has been stripped of its outbound investment licence in China after failing to launch a fund within the required timeframe.
Thornburg’s Shanghai subsidiary was officially deregistered as a qualified domestic limited partnership (QDLP) fund manager on July 16, according to Reuters.
This was just a year after Thornburg, which has US$42 billion in assets under management, received its QDLP licence becoming just the 37th fund firm to be permitted to offer their funds to investors in mainland China.
However, the licence was revoked for failing to launch a single private fund within 12 months.
The deregistration, as reported by the China Asset Management Association, shows how difficult it has become for overseas firms to raise capital from China-based investors.
The difficulty has resulted from a faltering Chinese economy, rising political tension between the US and China and an increasingly crowded marketplace.
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