Mirae Asset adopts ‘dual-track’ China strategy
On top of having a QDLP licence, the Korean firm has received a private fund management (PFM) licence from the Asset Management Association of China (Amac), according to the agency’s records.
The PFM licence allows foreign fund managers to invest in a portfolio of onshore assets and permits the product’s sale to a maximum of 200 domestic qualified investors, which include high net worth individuals and institutions.
Mirae Asset Global Investments is the latest to receive an investment management wholly foreign-owned enterprise (IM WFOE) licence. The firm now has to roll out at least one private fund product in the next six months.