The Irish and Chinese fund management industries have taken a step towards more cooperation with an agreement last week, highlighting how jurisdictions are battling to win a slice of business from the Asian giant and world’s second largest economy.

The Irish and Chinese fund management industries have taken a step towards more cooperation with an agreement last week, highlighting how jurisdictions are battling to win a slice of business from the Asian giant and world’s second largest economy.

The Irish Funds Industry Association signed a memorandum of understanding with the Asset Management Association of China in Beijing, a statement from the IFIA said.

“The agreement with AMAC recognises the increasing globalisation of the international asset management and investment fund industries. It serves as confirmation of the increasing interest that investors around the world have in gaining access to Chinese investment opportunities and the role which global fund domiciles like Ireland can play in supporting the internationalisation of Renminbi, and Chinese Asset Managers,” Pat Lardner, chief executive of the IFIA, said.

Mainland China is seen as trying to liberalise – up to a point – its capital and financial markets and push the renminbi currency as a rival to the dollar. Already, jurisdictions such as the UK have sought to stress the need to win cross-border RMB-linked business. A number of international asset management firms have also sought to make use of the Renminbi Qualified Foreign Institutional Investor quotas. Another development seen as important is the Shanghai-Hong Kong stock market link – or “through train” – which is also seen as boosting liquidity and access for the Mainland’s equity market.