China widens shareholding for fund managers

The China Securities Regulatory Commission is easing restrictions on who can own hold shares in a fund manager.

The China Securities Regulatory Commission CSRC has today Friday announced it will relax restrictions on who can own a domestic fund management company.

At present only Chinese securities companies or investment trust companies can hold shares in a fund manager. According to local fund management executives, today's announcement opens it up to any law-abiding Chinese entity.

This could alter the basis on which foreigners have sought entry to China's fund management industry. Foreign asset management firms have courted domestic securities and fund management companies with the hope of eventually establishing Sino-foreign, joint-venture fund management companies as stipulated under World Trade Organization rules. This would allow a foreigner to own up to 33% of a company...

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