Fidelity to open Shanghai office

Never say never: the US fund manager decides to set up shop in China despite not being able own a local licence.

Fidelity Investments has applied to the China Securities Regulatory Commission to open a representative office in Shanghai, which will be run by Anne Lam, currently director of institutional business in Hong Kong.

The firm is famous for preferring independence and avoiding joint ventures, which in its experience are rarely successful in the fund management industry. China does not allow foreign fund houses to operate independently they must take a 33% stake in a joint venture that figure will rise to 49%.

Our view of China has not changed, says Douglas Naismith, Fidelity's managing director in Hong Kong. It is an interesting market. But the problem for us was how to...

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