AllianceBernstein to return RQFII bond quota
AllianceBernstein plans to hand back the RQFII quota it uses to buy Chinese fixed income assets, underlining the growing obsolescence of the cross-border scheme.
US fund house AllianceBernstein plans to hand back the QFII and RQFII quota it uses for buying bonds, an explicit indication that the two cross-border investment schemes are becoming obsolete, particularly for fixed income managers.
Hayden Briscoe, the firm's director of Asia-Pacific fixed income, said he preferred the greater freedom to buy mainland bond assets provided by last month's opening of the Chinese interbank bond (IBB).
“I have RQFII and QFII quotas, but I am going to…
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