BEIJING—China will give foreign money managers greater access to raise funds from domestic investors as part of an awaited relaxation in securities rules that analysts say is likely to benefit larger overseas fund managers. Guidelines released over the weekend by the securities regulator gave formal authorization for foreign firms to control 51% of a local securities joint venture, up from 49%. That cap would be removed in three years, allowing 100% control. The changes, effective immediately, make good on a promise Beijing...
The China Securities Regulatory Commission has stated that foreign financial service firms will be allowed to control 100 % of local joint ventures . The commission has also stated foreign entities will be able to control 100 % of Chinese operations within three years . Foreign companies were previously only allowed a minority stake in Chinese fund managers marketing funds to the public . The asset management arms of UBS and JPMorgan have set up local joint ventures for public mutual funds , while subsidiaries and Vanguard have been approved to independently raise funds from high net - worth individuals .