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Man Group wins approval for private fund management license in China

Reuters - UK Focus

LONDON, Sept 7 (Reuters) - British hedge fund Man Group (LSE: EMG.L - news) said on Thursday it had received approval to develop onshore investment products in China.

Man Group said it had successfully registered with the Asset Management Association of China (AMAC) as a private securities investment fund manager and received a Private Securities Investment Fund Manager (PFM) license.

The PFM license has been granted to Man Investment Management (Shanghai) Co, Ltd, a Wholly Foreign-Owned Enterprise (WFOE) incorporated in Huangpu District, Shanghai, it said. "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," Man Group Chief Executive Luke Ellis said. (Reporting by Simon Jessop)