Societe Generale Asset Management has said that its joint venture in China, Fortune SGAM, has been awarded a separate account license to offer services to institutional clients.
With this new license yet to be allocated, Fortune SGAM becomes one of the first investment managers authorized to offer investment mandates to its Chinese institutional clients.
Fortune SGAM was created in 2002 as a joint venture between SGAM and the industrial group Baosteel. In August 2007, it obtained one of the initial five Qualified Domestic Institutional Investor licenses, allowing it to offer funds invested outside China to Chinese investors. Fortune SGAM manages nine funds for 2.4 million clients.