Beijing gives WFOEs green light to register as private fund firms
Offshore asset managers’ wholly foreign-owned entities in China can now register to operate as onshore private fund firms, with Aberdeen, Bridgewater and Fidelity set to be first in line.
Wholly foreign-owned enterprises (WFOEs) in China got the go-ahead on Thursday (June 30) to set up as onshore private fund firms. The three existing investment management WFOEs – established by Aberdeen, Bridgewater and Fidelity – are expected to be the first to register.
Such rapid opening of China’s fund industry to foreign firms was unexpected, Sandra Lu, a Shanghai-based partner at Llinks Law, told AsianInvestor.
The China Securities Regulatory Commission (CSRC) sees allowi…
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