January 31, 2013 / 8:16 AM / 5 years ago

JPMorgan to raise $150 million in Taiwan fund to invest in China A shares

TAIPEI (Reuters) - JPMorgan Chase & Co’ (JPM.N) fund unit is expecting to raise up to $150 million in Taiwan to invest in A shares in mainland China, an executive of its Taiwan fund arm said on Thursday, marking the first such fund as cross-strait ties accelerate.

Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York May 22, 2012. REUTERS/Eduardo Munoz

The move comes as China said this week that it will allot investment quotas of up to 100 billion yuan ($16 billion) for Taiwanese seeking to put money into its financial markets under the Renminbi Qualified Foreign Institutional Investor (RQFII) program.

“We have got the QFII quota from China regulators,” said Jason Pu, an executive director of JPMorgan Asset Management in Taiwan. The fund is slated for launch in April, subject to Taiwan regulatory approval, he added.

Reporting by Roger Tung; Writing by Faith Hung; Editing by Simon Cameron-Moore

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