China allows global asset managers to apply for mutual fund business
11 August 2019 - 17:31
Shanghai — China signalled further opening up of its financial services on Friday, saying it would let global asset managers apply for retail mutual-fund businesses through private fund units operating in the country.
Currently, 21 overseas financial institutions — among them Fidelity International, BlackRock and UBS Asset Management — have set up wholly-owned subsidiaries in China. But they can sell only to high-net-worth and institutional clients. Mutual fund businesses can only be conducted through joint ventures...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.