New York-headquartered asset manager VanEck Plans a Significant Expansion in China. The move comes after Beijing scrapped foreign ownership limits in retail fund management in April
U.S. asset manager VanEck has applied to set up a wholly-owned retail fund management business in China, the «Financial Times» reported, quoting Chief Executive Officer Jan van Eck and Richard Tang, chief executive of VanEck Greater China. The move comes after Beijing scrapped foreign ownership limits in retail fund management in April.
VanEck is one of four foreign asset managers that have since applied for the license. The others are U.S. asset managers Blackrock, Fidelity and Neuberger Berman. BlackRock was the first to be approved in August. VanEck submitted its application on October 29, the «Financial Times», said in the report on November 5.
Since 1992
«VanEck has been working in the Chinese capital markets since 1992. Our efforts have included a joint venture in the 1990s, educational efforts, internships and investment in Chinese securities over that time period,» Jan van Eck said. According to Tang, index investing is one of the areas in which VanEck plans to differentiate itself from global rivals. He says the company “can provide more investment tools to investors as index offering expands”.
New York-headquartered VanEck had almost $50 billion of assets under management at the end of 2019.
