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Money Management

Singapore’s APS Asset Management garners private fund manager license for mainland China

Investors sit in front of an electronic stock board at a securities brokerage in Shanghai.

APS Asset Management Pte. Ltd., a China equity-focused boutique based in Singapore, has become the latest overseas manager to garner a private fund management license on the mainland.

Wong Kok Hoi, the firm's founder and group chief investment officer, in an emailed statement said the license from China's quasi-official Asset Management Association of China will allow APS — with offices in Shanghai, Beijing and Shenzhen — to serve high-net-worth investors on the mainland.

In a market still dominated by short-term retail investors, Mr. Wong noted his firm's APS China A fund has delivered annualized returns of 20% over the past 14 years.

With regulations requiring that all operations with respect to the funds managed on the mainland for high-net-worth investors "be done out of China," APS will be building a back office in Shanghai and restructuring its investment team to meet those requirements, he said.

APS had $3.1 billion in assets under management at the end of 2017.