Fidelity International is seeking to increase its exposure to China’s retail fund market after the asset manager applied for a mutual fund license.
The application for the Wholly-Foreign Owned Enterprise (WFOE) mutual fund license was submitted to the China Securities Regulatory Commission and if given the green light, it will allow Fidelity International to offer investment products to individual investors.
“The application for a mutual fund license is an important milestone in our China strategy,” said Daisy Ho, China president of Fidelity International.
Ho added that the firm will “continue to devote resources to expand our capabilities and develop more solutions” in the country.
Last month JP Morgan sought to secure full ownership of China International Fund Management (CIFM) after caps on full ownership of local asset management firms were lifted on April 1, 2020.
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