China’s securities regulator has granted approval to Fidelity International to operate its mutual fund business in the mainland.
Fidelity International has been granted a permit to conduct securities and futures business in the mainland by the China Securities Regulatory Commission (CSRC), according to a statement.
Through its wholly foreign-owned enterprise FIL Fund Management, Fidelity will be able to offer onshore investment products and solutions to retail clients and asset management services to institutional clients in China.
Strategic Market
According to Fidelity, China is a «strategic, long-term priority market» and the firm has been actively investing in the country for over 20 years. It has three offices in Shanghai, Dalian and Beijing with over 1,900 employees overall in the country.
«We aim to build a diversified financial services company with a strong footprint in pensions and asset management in China,» said FIL Fund Management general manager Helen Huang.
