If one international asset manager has a licence to launch funds in China, they all want one, it seems.
Since Fidelity International said in January it had won the first-ever approval to launch onshore investment products in China, a steady stream of rivals have set up their own wholly foreign-owned enterprises, known as WFOEs. Invesco and Neuberger Berman joined the club just last week.
The aim for many of the recent entrants is to begin operating in China’s booming private funds market without having to be the minority partner in a locally controlled joint venture.
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