Fidelity International has launched its onshore presence in Shanghai and registered with the Asset Management Association of China.
The fund house is the first foreign group to get the mandate to sell onshore funds in China.
The firm, which already employs 400 staff in China and holds $1.2bn under the qualified foreign institutional investor scheme, will offer both onshore and offshore investments to eligible institutional and high-net-worth clients for the first time.
Fidelity International managing director Asia Pacific, Mark Talbot says: “This is a significant milestone to facilitate our expansion in the world’s second largest economy. Thanks to the support from the China Securities Regulatory Commission and AMAC, we are honoured to be the first company to receive this private fund management business qualification.
“We have 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 programme. 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.”