New license allows companies to tap the USD 903 billion asset management market as the country eases access to its financial services sector.
According to the South China Morning Post, the the three firms’ wholly foreign owned enterprises in Shanghai have received the Private Fund Manager (PFM) license.
The licence allows asset managers to launch private securities investment funds in China, which would invest in the country’s domestic securities market, and accept investment from qualified Chinese investors into such funds. Asset managers are required to launch a product within six months of registration once the license is issued.
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