Fidelity's wholly foreign-owned enterprise in Shanghai has become the first global asset manager to register with the Asset Management Association of China (AMAC) as a private fund management company.
Established in September 2015 in Shanghai, Fidelity International’s WFOE, FIL Investment Management (Shanghai) Company Limited, is the first global asset management company to be awarded the qualification.
It allows FIL to create onshore investment products in China for eligible Chinese institutional and high-net worth investors for the first time, and is crucial to the firm’s long-term China strategy.
Commenting on the new development, Mark Talbot, managing director, Asia Pacific at FIL, said: ‘This latest development expands our capabilities to support Chinese clients’ needs to invest both onshore and offshore.
‘China is crucial to our global growth strategy, and as a privately-owned company, we are able to take a long-term approach to develop the best solutions for our clients to meet their investment and retirement needs.’
FIL has been operating in China since 2004, offering offshore capabilities to domestic institutional clients, and retail investors through partnering with banks under the Qualified Domestic Institutional Investor (QDII) programme.
The fund house has representative offices in Shanghai and Beijing, as well as an operating centre in Dalian, employing a total of over 400 staff in China.
It has a quota of $1.2 billion under the Qualified Foreign Institutional Investor scheme, which allows the asset manager to access China’s capital markets.
Globally, FIL had $290 billion assets under management as of September 30, 2016.