Fidelity International's foreign-owned enterprise in Shanghai has become the first global asset manager to register with the Asset Management Association of China as a private fund management company.
The hard won qualification will allow Fidelity International to create onshore investment products in China for eligible Chinese institutional and high net worth investors for the first time, the firm said in a statement.
Established in September 2015 in Shanghai, Fidelity International’s wholly foreign-owned enterprise (WFOE), FIL Investment Management (Shanghai) Company, is the first global asset management company to be awarded the qualification.
Fidelity are now set to offer onshore investors an opportunity to capture the long-term investment opportunities in China through our WFOE private fund management company.
China Crucial to Fidelity's Global Growth Strategy
«We firmly believe a local presence in China is critical not only to understand clients’ needs, but also to actively identify investment opportunities through our global research and investment capabilities,» said Daisy Ho, (pictured) Managing Director, Asia Pacific ex Japan, Fidelity International. Fidelity International has representative offices in Shanghai and Beijing, as well as an operating center in Dalian, employing a total of over 400 staff in China.
The firm also has a quota of $1.2 billion under the Qualified Foreign Institutional Investor (QFII2) scheme, which is one of the largest amounts held by any fund manager globally. The QFII quota allows Fidelity International to invest in Chinese capital markets.
