British hedge fund manager Man Group has received a private securities investment fund manager (PFM) licence in China from the Asset Management Association of China (AMAC).

The licence allows the investment manager’s Shanghai subsidiary, Man Investment Management (Shanghai), to develop onshore products for institutional and high-net-worth (HNW) investors.

Man Group CEO Luke Ellis said: “The PFM license is the next stage of Man Group’s long-term strategy to build our presence in the world’s second largest economy.

“We strongly believe that there has been a growing appetite from the Chinese institutional investment community for the products we will offer under the new license, and we look forward to continuing to develop our business in the region.”

Man Group, which manages $95.9bn in funds, launched its China office in 2012 and the next year received a quota to raise funds from qualified Chinese investors for overseas investment.