Fidelity International today announces that its wholly foreign-owned enterprise (WFOE), FIL Fund Management (China) Company Limited, has been granted the Permit to Conduct Securities and Futures business in China by the China Securities Regulatory Commission (CSRC). This makes Fidelity International one of the first global asset managers to establish a wholly-owned onshore mutual fund business in China.
Fidelity International will now be able to offer onshore investment products and solutions to retail clients and asset management services to institutional clients in China, helping them to explore investment opportunities in their home market and enhance financial wellness and retirement readiness.
“We are excited to receive the approval and support of the CSRC to begin operating our mutual fund business in China. We now look forward to providing world-class investment solutions and products for Chinese investors, leveraging the best of Fidelity International’s extensive global experience and capabilities. As an independent, privately-owned company with a focus on long-term sustainable outcomes, we also hope to play a significant role in the development of China’s rapidly growing asset management industry.”Rajeev Mittal, Managing Director, Asia Pacific ex-Japan, Fidelity International.
China is a strategic, long-term priority market for Fidelity International and a market where the firm has been actively investing for more than 20 years. Since 2004, Fidelity has built up three offices in Shanghai, Dalian and Beijing and today has over 1,900 employees in China. Under the previous Qualified Foreign Institutional Investor (QFII) scheme, Fidelity was awarded a quota of US$1.2 billion, one of the largest amounts for any fund manager. In January 2017, Fidelity was the first global asset manager to register with the Asset Management Association of China (AMAC) as a private fund management (PFM) company.
With fundamental research as the foundation of Fidelity’s investment philosophy and process, its on-the-ground capabilities include equities, fixed income, multi-asset, and systematic and quantitative investing, with robust integration of ESG analysis through the entire investment process.
Helen Huang, General Manager, FIL Fund Management (China) Company.
“We aim to build a diversified financial services company with a strong footprint in pensions and asset management in China. With our global investment expertise and a dedicated team on the ground, we believe we are well positioned to understand the unique needs of domestic clients and to connect them with market leading investment opportunities. We will now be able to offer diversified investment solutions and services to a wider group of onshore investors to meet their investment and retirement needs through our newly established asset management company.”