Fidelity International (FIL) has joined the ranks of global asset managers that have secured approval to launch a wholly owned mutual funds business in mainland China.
Fidelity becomes only the third firm to have been given the go-ahead by the China Securities Regulatory Commission (CSRC).
The first of these was BlackRock which secured approval in June 2021.
Neuberger Berman’s China mutual fund business was approved by the CSRC last month.
FIL Fund Management (China) currently has 1,900 employees across three offices in Shanghai, Dalian and Beijing.
As a result of the CSRC’s decision, FIL will be able to offer onshore investment products and asset management services to China’s onshore retail and institutional investors. range of asset management
“We aim to build a diversified financial services company with a strong footprint in pensions and asset management in China,” said FIL Fund Management (China) company general manager Helen Huang.
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