UK asset manager Schroders has become the latest firm to secure regulatory approval to establish a wholly foreign-owned fund management business in mainland China. The green light was given by the China Securities Regulatory Commission (CSRC) and comes a year after Schroders was given the regulatory backing for Schroder BOCOM Wealth Management, a joint venture with Bank of Communications. It also comes in the wake of similar approvals granted by the CSRC to a host of international asset managers, including Neuberger Berman, Fidelity International and Manulife, as China looks to accelerate the opening of its lucrative onshore funds market. Lieven Debruyne, global head of distribution at Schroders, described the development as a milestone in the firm’s Asian plans. “It is a key step in our overall expansion in the country and reinforces our confidence in continuing to scale up our business and investment presence in China,” he said. © 2023 funds global asia