In Q1, 10 private fund management (PFM) products received approval from the Asset Management Association of China (Amac), compared with five in the corresponding period in 2019, according to Amac’s records.
Having a PFM licence enables foreign entities to develop and sell funds investing in onshore assets to domestic qualified investors, which include institutional and high net worth investors.
Among the 10 products, six are from UBS Asset Management. In total, UBS AM manages 15 PFM products, which is the largest number of any foreign firm.
Hong Kong-based Value Partners has the second largest number of onshore funds via the PFM licence, with 10 products.
There are 26 foreign PFM licence holders which together have launched 78 onshore funds, with total AUM of RMB 7.88bn ($1.11bn) as of the end of 20 March, according to a statement from Amac.
Several asset mangers have obtained the PFM qualification this year, including Income Partners, Russell Investments, Schroder Adveq and BEA Union Investment.
Usually, there is a six-month limit for new PFM license holders to register a fund for launch, but that has recently been extended to 12 months due to the coronavirus outbreak.
2020 Q1
| Asset manager | Product name | Authorisation date |
| UBS AM | UBS (CN) China Yufeng Fixed Income Bond Strategic Series 3 Private Securities Investment Fund | 31-Mar |
| UBS AM | UBS (CN) China Customized Equity Private Securities Investment Fund Series 1 | 31-Mar |
| UBS AM | China Equity Select Private Security Investment Fund No 7 | 12-Feb |
| UBS AM | China Equity Select Private Security Investment Fund No 2 | 13-Feb |
| UBS AM | China Equity Select Private Security Investment Fund No 3 | 13-Feb |
| UBS AM | China Ruixiang Bond Strategy No 6 Private Securities Investment Fund | 5-Feb |
| Value Partners | Value Partners China Zhongrui Hugangshen No 1 Private Securities Investment Fund | 31-Mar |
| Value Partners | China Jingdu Private Securities Investment Fund | 24-Mar |
| Two Sigma | China Juliang Macro Strategy No 1 Private Securities Investment Fund | 4-Mar |
| Neuberger Berman | Galaxy Capital – Neuberger Berman Xinhuai No 1 Collective Asset Management Plan Fund | 15-Jan |
Source: Amac
2019 Q1
| Asset manager | Product name | Authorisation date |
| APS Asset Management | Shihui Private Securities Investment Fund | 2-Jan |
| Winton Capital | China Diversity Select No 5 Private Fund | 2-Jan |
| Fidelity | China Bond Select No 1 Private Fund | 17-Jan |
| Winton Capital | China Diversity Select No 2 Private Securities Investment Fund | 17-Jan |
| Neuberger Berman | Bond No 2 Private Securities Investment Fund | 3-Mar |
