The Shanghai arm of U.S. fund manager Thornburg Investment Management lost its qualified domestic limited partnership license in mainland China after failing to launch its first fund within the stipulated time period, according to the China Asset Management Association website.
The QDLP license allows fund managers to raise capital from domestic investors to invest in overseas assets.
The license was deregistered on July 16, after Thornburg failed to launch a QDLP product. Asset managers are typically given six to 12 months to launch their first QDLP product.
Thornburg Investment Management (Shanghai) had its QDLP license approved in July last year and the firm said in a statement then that it planned to offer its global investment and risk management capabilities to local investors.
Thornburg, which has $42 billion in assets under management, declined to comment.
The QDLP program was launched in 2012 and has attracted several large global asset managers, including Pictet Asset Management, BlackRock, KKR and Wellington Management.
