HONG KONG (Reuters) -Fidelity International has obtained Chinese regulatory approval to conduct business in China’s $3.7 trillion mutual fund industry.
China Securities Regulatory Commission granted a licence that enables the firm to offer onshore investment products and solutions to retail clients and asset management services to institutional clients in China, the company said in a statement on Friday.
“We aim to build a diversified financial services company with a strong footprint in pensions and asset management in China,” said Helen Huang, general manager at the fund unit FIL Fund Management (China) Company.
Fidelity International became the third global asset manager to establish a local fully owned retail fund unit, only two weeks after U.S. manager Neuberger Berman secured the same regulatory nod, and BlackRock in June 2021.
(Reporting by Selena Li; Editing by Kirsten Donovan)