Man Group wins approval for private fund management license in China

LONDON (Reuters) - British hedge fund Man Group EMG.L 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