Russell Investments Management (Shanghai), the Seattle-based money manager's wholly owned business on China's mainland, obtained a private fund management license from the quasi-official Asset Management Association of China, according to a company announcement Tuesday.
The license will allow the firm to offer domestically focused multimanager fund-of-fund strategies to high-net-worth and institutional investors on the mainland.
The announcement said the firm plans to bring out its first private fund manager strategy for qualified investors on the mainland later this year.
Ying Tan, president and general manager for Russell Investments Management (Shanghai), couldn't immediately be reached for comment.
Also in the release, Michelle Seitz, Seattle-based chairman and CEO of Russell Investments, noted that the firm's Shanghai arm already provides multiasset, multimanager strategies to Chinese institutional clients seeking exposure to overseas assets and to foreign investors seeking exposure to mainland-listed stocks and bonds.