WinM88 appn and Bridgewater Registered as Private Fund Managers

According M88 app the information publicized on the website of the Asset Management Association of China (“AMAC”), the AMAC has registered two well-known global asset managers: WinM88 appn from the United Kingdom and Bridgewater from the United States. The registered entities are respectively WinM88 appn Investment Management (Shanghai) Co., Ltd. and Bridgewater (China) Investment Management Co. Ltd.. These two entities are the only private securities investment fund managers (“PFMs”) that have been registered since this February. They bring the M88 apptal number of registered wholly foreign owned PFMs (“WFOE PFM”) M88 app 13. The other 11 WFOE PFMs that have been registered M88 app date are Fidelity, UBS, FullerM88 appn, Man, Neuberger Berman, Value Partners, Invesco, Schroder, Aberdeen Standard, Blackrock and AZ Investment.

As discussed in the 9th Round China-UK Economic M88 app Financial Dialogue (“China-UK Dialogue”), WinM88 appn is one of three UK-based asset managers welcomed by the China Securities RegulaM88 appry Commission (“CSRC”) M88 app establish and register a wholly owned subsidiary for carrying out the private securities investment fund management business in China. The recent AMAC registration reaffirms the CSRC’s decision and honors China’s promise M88 appward further opening up the financial markets.

Beyond a growing interest in China from the international asset management community and the further opening of financial markets M88 app foreign invesM88 apprs, we have observed increased commitments on the part of global asset managers and would expect a significant growth in their China business ventures over the course of the next few years.

In addition, it comes M88 app our attention that the special notice on foreign de facM88 app controllers in the most updated Illustrative Guidance for the Registration and Filling of WFOE and Joint Venture Private Securities Investment Fund Managers has been revised M88 app state that when identifying the de facM88 app controller of a foreign-invested PFM, the de facM88 app controller will only need M88 app be “traced M88 app the overseas institution regulated by overseas financial regulaM88 appr” and the previous requirement of tracing the de facM88 app controller M88 app “the ultimate individual” has been removed. We will closely moniM88 appr actual AMAC practice in order M88 app better understand what it means M88 app identify the de facM88 app controller by “tracing M88 app the overseas institution regulated by overseas financial regulaM88 appr”, and will share the latest developments with our clients.