Man Group was granted a license enabling the development of onshore investment strategies for qualified investors in China.
The money manager said it had registered with the Asset Management Association of China as a private securities investment fund manager. The private securities investment fund manager license has been granted to Man Investment Management (Shanghai) Co. Ltd. — a wholly foreign-owned enterprise incorporated by Man Group in Huangpu District, Shanghai.
The manager's China office opened in 2012. The following year it was included in the first set of alternative money managers to be granted a quota to raise funds from qualified Chinese investors for overseas investment, under the qualified domestic limited partnership program.
A person familiar with the situation said the first strategies are expected to launch within the next six months.
"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, and we look forward to continuing to develop our business in the region," said Luke Ellis, CEO of Man Group, in a news release.
Man Group has $95.9 billion in assets under management.