London-headquartered asset manager Man Group has been approved as a private securities investment fund manager (PFM) by the asset management association of China (AMAC).
The PFM license – granted to Man Group’s Shanghai wholly foreign-owned enterprise, Man Investment Management (Shanghai) Co,Ltd – will enable Man Group to develop onshore investment products for qualified investors in China.
The listed manager’s Chinese branch was established in 2012 and has been among first managers to gain a license to raise funds from qualified Chinese investors for overseas investments.
Luke Ellis, chief executive officer of Man Group, said: “The PFM license is the next stage of Man Group’s long-term strategy to build our presence in the world’s second largest economy. We strongly believe that there has been a growing appetite from the Chinese institutional investment community for the products we will offer under the new license, and we look forward to continuing to develop our business in the region.”
Yifei Li, chairperson of Man Group China, added: “This opportunity to build an onshore business opens a new chapter for Man Group in China. The Chinese fund management industry is developing at a rapid pace, and we are excited to play a role in its continued success.”
Man Group had $95.9bn (€79.5bn) in assets under management as of 30 June 2017.
