Fidelity International has stepped up its drive to expand in mainland China after applying for regulatory permission to establish a public mutual fund business in the country that will allow it to sell investment products and services to retail investors and institutional clients.
The $498bn Bermuda-based asset manager has submitted an application for a wholly foreign-owned enterprise (WFOE) mutual fund license to the China Securities Regulatory Commission.
China has become the latest battleground for global investment managers, which are jostling to take a slice of a huge domestic savings market that has much bigger potential.
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