BNPP IP plans China WOFE, wins RQFII licence

BNP Paribas Investment Partners will set up a wholly owned foreign entity (WFOE) in China late this year, a relatively newly available route for accessing mainland clients. The French fund house was also yesterday granted a rennminbi qualified foreign institutional investor licence in Paris, having applied in July, a month after the scheme was extended to the city, as reported. It is one of the first firms to receive one. BNPP IP is also awaiting RQFII approval in Hong Kong, hav…