The China Securities Regulatory Commission has announced that foreign financial service firms will be allowed to control 51% of local joint ventures. The regulator has also said 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 products to the public. In addition, the government is planning to allow private equity funds and other investors to invest up to 10% of their assets into domestic funds.
The China Securities Regulatory Commission has announced that foreign financial service firms will be allowed to control 51% of local joint ventures. The regulator has also said 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 products to the public. The asset management arms of UBS and JPMorgan have set up local joint ventures for public mutual funds, while BlackRock and Vanguard have been approved to independently raise money from high net-worth individuals.