Red tape snarling fund house China FMC licence hopes

As China opens up its capital markets, many foreign institutions are eager to target the country's local investor base with mutual funds. But aspiring interntional asset managers have had their ambitions to gain mutual fund management company (FMC) licences stymied by strict regulatory requirements and intense local competition. Four years after China opened up its private fund management sector to foreign players, BlackRock in August became the first foreign fund manager to secur…