Man Group gets China approval to launch onshore private fund
The world’s largest publicly traded hedge fund will launch a private investment fund targeting high net worth individuals and institutions
Man Group, the world’s largest publicly traded hedge fund, has received a Chinese license to launch an onshore private securities investment fund, a step that will allow the firm to further expand into China’s 6 trillion yuan asset management market.
The London-listed hedge fund is among the first major foreign firms to receive such approval since China loosened regulations for global fund managers to enter its investment market in June.
“The Private Securities Investment Fund Manager (PFM) license is the next stage of Man Group’s long-term strategy to build our presence in the world’s second largest economy,” said Luke Ellis, chief executive of Man Group, in a company statement on Thursday.
“We strongly believe that there has been a growing appetite from the Chinese institutional investment community for the products we will offer under the new license, and we look forward to continuing to develop our business in the region.”
The PFM license allows holders to develop onshore investment products for both institutional and high net worth investors in China. Under the license, asset managers are required to launch a product within six months after registration.
The license has been granted to Man Investment Management (Shanghai), a wholly owned foreign enterprise incorporated by Man Group in Huangpu District, Shanghai, the statement said.