The registration allows both firms to launch private securities investment funds targeting qualified (high net worth and institutional) investors in mainland China. The funds will be eligible to invest in China’s domestic securities markets.
Invesco and Value Partners are now facing a six-month deadline for launching their first products.
The two firms join the still small club of foreign asset managers who have obtained a PFM license from the AMAC. They are: Fullerton Fund Management, Man Investments, Fidelity international and UBS Asset Management.
More firms are at the earlier stage of this process, holding Investment Management WFOE licenses, but still waiting for approvals to launch products. BEA Union Investment was the latest to be granted a WFOE licence in October.
Invesco’s history in China goes as far as 2003 when it established the first Chinese-American joint venture with Great Wall Securities. The firm launched its WFOE in Shanghai in April 2017.
Hong Kong-headquartered Value Partners has had a Shanghai office since 2009. It had a joint venture with Golden Capital Fund Management, which it exited in October 2015, opting for the WFOE route instead.
