SHANGHAI : Schroders has obtained Chinese regulatory approval to set up a wholly-owned mutual fund unit in China, as Beijing accelerates opening up its giant financial sector to foreigners.China abruptly dismantled its strict, three-year zero-COVID policy in early December, and the government has apparent
SHANGHAI : Schroders has obtained Chinese regulatory approval to set up a wholly-owned mutual fund unit in China, as Beijing accelerates opening up its giant financial sector to foreigners.
Last month, U.S. asset manager Neuberger Berman celebrated the opening of its China retail fund business, while Fidelity International was granted a mutual fund licence in the country. Authorities have also recently allowed Canada's Manulife Financial Corp to take full control of its Chinese mutual fund venture.
Setting up a wholly-owned retail fund business in China is testament to Schroder's long-term commitment to the country - a key component of the group's global strategy, the company said in a statement.
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