Fidelity International will further its expansion in mainland China with the latest approval to set up a wholly-owned mutual fund business.
Fidelity International has obtained approval from the China Securities Regulatory Commission (CSRC) to conduct mutual fund and private fund management business, according to a statement.
Based in Shanghai, the new unit has $30 billion of registered capital and is 100 percent controlled by Fil Asia Holding Pte. Ltd., a Singapore-based unit of Fidelity.
Fidelity becomes the second global asset manager to receive the green light for a wholly-owned China mutual fund business – behind Blackrock – after submitting its application for the new venture in May 2020. Other asset managers reportedly awaiting regulatory reviews include Neuberger Berman, VanEck and Schroders.
