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MONEY MANAGEMENT

Fidelity becomes first foreign-owned entity in China to launch bond fund for institutional investors

A Chinese national flag flies over Shanghai

Fidelity International's wholly owned asset management company in Shanghai became the first foreign-owned enterprise to launch a “private fund” for local high-net-worth and institutional investors, confirmed Jackson Lee, Fidelity's Shanghai-based country head, China.

Mr. Lee said in an interview that first fund will invest in China's 65 trillion renminbi ($9.4 trillion) onshore bond markets.

The investment team will be led by Freddy Wong, a 14-year Fidelity bond veteran who relocated to Shanghai in March from Hong Kong, supported by three locally recruited analysts.

That will effectively offer high-net-worth and institutional investors in China a unique mix of Fidelity's investment culture and local insights, said Mr. Lee.