Fullerton is first Asian firm to win China licence

Chinese_lanternsFullerton Fund Management says it is the first Asian fund house to gain a private fund management licence for its Chinese subsidiary. The Singapore-based firm's wholly foreign-owned entity (WFOE) received the licence from the Asset Management Association of China, joining a list of global asset managers to have gained the approval. The licence means the WFOE can offer onshore investment funds to institutional and high-net-worth investors in China. “China is the first office outside of Singapore where Fullerton is moving towards full-scale localisation,” said Mark Li, general manager of the firm's Shanghai operation. “We are actively engaging local investors and distributors, as we prepare to offer private funds to qualified individual and institutional investors.” The firm says that, over the past year, it has nearly doubled the size of its China team to 11 employees. In future, it plans to handle investment, sales, trading, compliance and management functions in-country. Since 2003, Fullerton Fund Management has operated as a wholly owned subsidiary of Temasek Holdings, a Singaporean national wealth fund. The firm had 17 billion Singaporean dollars ($13 billion) under management at the end of June. ©2017 funds global asia

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