Asset management

Global fund firms prepare for faster Chinese liberalisation

International asset managers will likely accelerate plans to expand their China businesses now they can wholly own local fund managers as early as next year. It won't be easy though.

This month's surprise announcement that wholly foreign-owned fund management companies are to be allowed in China from 2020  one year ahead of schedule  has inevitably sent a frisson of excitement through the global asset management industry.

However, major challenges lie ahead.

“This topic is high on the agenda of many global players because China is a market that no one can ignore,” Sally Wong, chief executive of the Hong Kong Investment Funds Association HKIFA, told FinanceAsia.

But setting up a Chinese fund management company to tap the country's huge mass market will likely require a lot of...

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