Fidelity International’s wholly foreign-owned enterprise (WFOE) private fund management company in Shanghai launched its first private fund in China as part of the firm’s long-term growth strategy in the world’s second-largest economy.
Fidelity International’s first private fund in China, Fidelity China bond No.1 private fund, primarily invests in Chinese onshore bond markets with an objective to achieve income and capital appreciation. The fund is available to eligible Chinese institutional and high-net worth investors.
Mark Talbot, managing director, Asia Pacific, Fidelity International, said: “We are thrilled to be the first global asset manager to launch a private fund in China. As a privately-owned company, we are committed to the China market for the long term and growing our capabilities and franchise in this most important market.”
The fund is managed by Freddy Wong, who relocated from Hong Kong to Shanghai in March 2017. He has over 14 years of fixed income investment experience and joined Fidelity International in 2002 as a fixed income business analyst. Wong is supported by a dedicated team of credit analysts and fixed income trading professionals in Shanghai and all of whom are recruited locally in China.
Freddy Wong, fixed income portfolio manager, Fidelity International, said: “Undeniably, the RMB bond markets are the future of Asia’s bond markets and will play in global financial markets for many years to come. The size of the onshore market is currently over RMB 65trn, and is expected to reach RMB 100trn by the year 20202, surpassing that of the Japanese market. The market offers tremendous opportunities to develop investment solutions for domestic investors, and play to our strength as an independent, research-focused investment house with best in class track record across cycles and across the globe.”