Mirae Assets Gets Private Equity Funds Licence in China
Mirae Asset Global Investments is the first Korean asset manager to independently operate private equity funds in China.
Mirae Asset Global Investments said this week that its Chinese operation in Shanghai received a private fund management wholly foreign owned enterprise (PFM WFOE) license from the Asset Management Association of China (AMAC). This will allow the firm to operate private equity funds for customers in mainland China without a local partner.
Mirae Asset Global Investments has become the 7th foreign name that has both the right for independent operation of private equity funds and the status of qualified domestic limited partner (QDLP) in China, according to Korean business newspaper «Pulse». China began to give the permit for foreign companies to set up independent asset management subsidiaries since January last year.
Among Global Giants
Previously, overseas financial firms could launch private equity funds only through joint ventures with Chinese firms. Mirae Asset became the 16th company to receive PFM WFOE license from the Chinese regulator after global giants including Fidelity, UBS, Blackrock and Bridgewater.
It is also the third in Asia, following Value Partners Investment Management in Hong Kong and APS China Asset Management in Singapore.
