Exclusive | Fidelity plans multiple fund launches in China to tap growing wealth management, pension demand
- Fidelity completed two mutual fund launches in mainland China this year, raising a combined US$862 million
- The London-headquartered investment manager plans to use Hong Kong to tap the Greater Bay Area market
Fidelity International plans to launch a number of mutual funds targeting different asset classes in mainland China to tap the world’s second-largest asset-management market, which is expected to grow to US$40 trillion by 2030.
“The mutual fund market in China is growing rapidly and giving us massive opportunities,” Rajeev Mittal, managing director for Asia-Pacific ex-Japan, told the Post in an exclusive interview.
“We have been growing our team and building up our investment platform in China in recent years, which has been one of our big strategic initiatives.”
The firm entered mainland China in 2004, setting up representative offices in major cities. Last December, it was among the first batch of foreign funds allowed to tap the country’s retail market without a local partner.
Since setting up FIL Fund Management (China), it has launched two mutual funds this year, raising a total of 6.08 billion yuan (US$862 million). A bond fund for institutional investors mopped up 5 billion yuan on November 21, while its first, an equity-focused mutual fund, raised 1.08 billion yuan in April from about 27,000 retail investors.