Singapore’s Fullerton Fund Management has announced that its wholly foreign-owned enterprise (WFOE) in China has obtained approval from regulators to engage in onshore investment advisory business.
Fullerton Fund Management announced on 2 April that Fullerton Investment Management (Shanghai) Co. had become the first WFOE of a foreign fund manager to obtain approval from the Asset Management Association of China (AMAC) to provide onshore investment advisory services.
“We are delighted to have received the onshore investment advisory qualification from AMAC,” said Fullerton Fund Management CEO Jenny Sofian.
“This is recognition of Fullerton’s commitment to China, as well as the strength of our investment capabilities.
“With the approval, we look forward to extending our expertise to a wider range of investors, accelerating our business growth and deepening our presence in this important market.”
“With this investment advisory approval, we look to enhance the value proposition we offer to onshore investors, particularly institutions,” said Mark Li, general manager of Fullerton Shanghai.
“Alongside a strengthened team locally, our ability to leverage Fullerton’s years of investment experience across various asset classes present a credible offer for Chinese investors.”
Fullerton Fund Management is a unit of Temasek Holdings, a holding company owned by the Government of Singapore.
The company is headquartered in Singapore with offices in Brunei, London, Shanghai and Tokyo, and as of the end of February 2019 it had around S$47 billion in assets under management.