Fullerton Investment Management (Shanghai), a subsidiary of Singapore-based Fullerton Fund Management, has obtained a private fund management (PFM) licence from the Asset Management Association of China (AMAC).
The approval will allow the firm to provide onshore investment products to China’s institutional and high net worth investors.
Fullerton Investment Management (Shanghai) general manager Mark Li said: “Having obtained the PFM qualification, we are focused on expanding our Chinese operations. As one of the main drivers of Fullerton’s growth strategy, China is the first office outside of Singapore where Fullerton is moving towards full-scale localisation.
“We are actively engaging local investors and distributors, as we prepare to offer private funds to qualified individual and institutional investors.”
Fullerton, which is the first Asian fund house to secure a PFM licence, set up its China presence in 2007 and currently employs 11 staff in the country.
The firm now intends to further invest in the China office and increase its local headcount to include investment, sales, trading, compliance and management functions.