BEIJING, April 1 (Xinhua) -- The Beijing local financial regulator has granted an outbound investment quota worth 500 million U.S. dollars to the subsidiary of Oaktree Capital Management in the capital city.
The wholly-owned subsidiary of Oaktree, a U.S. asset management firm focusing on alternative markets, is the first financial institution to participate in the city's outbound investment scheme, according to the Beijing Local Financial Supervision and Administration Bureau.
The program allows a foreign asset manager to raise yuan funds in China and invest them overseas, which is of great significance for the further opening-up of Beijing's finance sector to foreign capital, according to the regulator.
So far, seven financial institutions have applied for outbound investment quotas worth nearly 2 billion U.S. dollars.
Oaktree established its subsidiary in the Chaoyang District of Beijing in February. Founded in 1995, Oaktree Capital manages over 120 billion U.S. dollars in assets for its clientele across the world.