China has made marked progress in allowing foreign financial institutions to access its financial market. Many breakthroughs had already been achieved in the country's financial market opening-up.
According to the information recorded at China Securities Regulatory Commission, there are 18 foreign invested wealth management institutions registered as the private equity funds manager, two among which have been obtained the qualification as the investment consultant.
The German insurer Allianz has been given permission by China Securities Regulatory Commission to set up PE funds manager in this March as Allianz Global Investors Overseas Asset Management (Shanghai) Limited, and became 18 national foreign invested wealth management institution. In the last year, Allianz also obtained the qualification as QDLP.
Apart from Allianz, ALLIANCEBERNSTEIN has been registered as PE funds manager in this March. According to its data dated in the end of the last year, ALLIANCEBERNSTEIN have managed over 516 billion US Dollars worldwide.
Neuberger Berman and Fullerton Fund Management have been obtained the qualification as the investment consultant, which can provide investment consulting service in mainland China. PE funds manager, which also was approved as the investment consultant, can be hired by the local bank and provide more management service for wide wealth resources.
Something worth mentioned that the above four foreign wealth management institution were all registered in Shanghai Lujiazui Area. Lujiazui has become the best destination for attracting worldwide assets management companies.
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