Thornburg Investment Management has garnered the license needed to offer its multiasset, fixed income and equity strategies to Chinese institutional and high net worth investors.
The $42 billion Santa Fe, N.M-based money manager said in a news release Thursday that its wholly foreign-owned enterprise on the mainland, Thornburg Investment Management (Shanghai) Ltd, had been granted a qualified domestic limited partnership license by the China Asset Management Association.
A Hong Kong-based spokesman for the firm confirmed that Thornburg had received a quota, outlining the amount of money the firm could raise from local qualified investors for investments in its strategies, but declined to provide further details.
The firm will move to offer its global investment and risk management capabilities to Chinese investors looking for greater diversification, Thornburg President and CEO Jason Brady said in the release.
Thornburg is the latest money manager to take steps to increase its presence in China, which is viewed as a key growth market.