A lack of available talent is holding back the creation of new private funds in China. Only around half a dozen global asset management companies have made progress with establishing funds, despite more than 30 having been granted licences by Chinese authorities in June 19, 2012. Companies are restricted from bringing in overseas executives by requirements for them to pass written tests in Mandarin. Salaries in China are also not able to compete with those of equivalent Mandarin-speaking positions in other financial centres, further exacerbating the shortage of skilled professionals. China's private fund management market is worth $1.5tn.
A lack of available talent is holding back the creation of new private funds in China. Only around half a dozen global asset management companies have made progress with establishing funds, despite more than 30 having been granted licences by Chinese authorities in the past two years. Companies are restricted from bringing in overseas executives by requirements for them to pass written tests in Mandarin. Salaries in China are also not able to compete with those of equivalent Mandarin-speaking positions in other financial centres, further exacerbating the shortage of skilled professionals. China's private fund management market is worth $1.5tn.