Value Partners Group, a Hong Kong-based asset management firm, has obtained approval from Asset Management Association of China (AMAC) to start private fund management operations in the country.

The licence will allow the company’s Shanghai subsidiary, named Value Partners Investment Management (Shanghai) Limited, to develop its own-branded tailored investment products for institutional and high net worth (HNW) investors in China.

The company has become the first Hong Kong-headquartered asset manager to receive approval for a PFM licence.

Value Partners CEO AU King Lun said: “We are honoured to be the first Hong Kong-headquartered asset manager to receive a private fund management license and we thank AMAC and the China Securities Regulatory Commission (“CSRC”) for their continued support.”

“We are excited to embark on this new phase of growth as we continue to strengthen our position as an investment solutions provider to investors in China and a China investments expert to investors elsewhere in the world.”

Value Partners Group was established in 1993 and had around $16.5bn assets under management, as on 30 September 2017.