(Agencies)
Updated: 2008-01-11 17:00

Shanghai-based Fullgoal Fund Management Co, in which Bank of Montreal (BMO) holds a 27.775 percent stake, said it has won regulatory approval to invest overseas under China's Qualified Domestic Institutional Investor (QDII) scheme.

Its QDII products will focus on global markets, the fund manager said in a statement on its website.

Fullgoal shareholders also include Haitong Securities Co Ltd and Shenyin & Wanguo Securities Co Ltd, each holding a 27.775 percent stake.

In July 2007, the China Securities Regulatory Commission issued new rules allowing brokerages and fund management companies to use client funds to invest in overseas fixed income, stocks and financial derivatives.

A total of 7 brokerage and 15 fund managers have since obtained QDII licenses, with five fund managers - including joint ventures with Deutsche Bank, JPMorgan Chase and Credit Suisse - having issued QDII products.