Fullerton unit secures private fund management licence in China

Singapore

FULLERTON Fund Management's unit has obtained a private fund management licence in China, enabling it to offer onshore investment products to institutional and high net worth investors in the country, it said on Friday.

The fund house is the first Asian fund to successfully register its wholly foreign-owned enterprise (WFOE) - Fullerton Investment Management (Shanghai) Co Ltd - with the Asset Management Association of China as a private fund management (PFM) company.

Fullerton, which specialises in Asian and emerging markets, first established its China footprint in 2007 with a representative office housing onshore equity analysts.

The company has expanded its award-winning China team over the past year, growing from six in 2016 to its current strength of 11 employees. It plans to further invest in the local office and grow the number of employees to cover investment, sales, trading, compliance and management functions.

Fullerton is a wholly owned subsidiary of Temasek Holdings with assets under management (AUM) of S$17 billion, as at June 30, 2017.

Ho Tian Yee, chairman of Fullerton Fund Management, said: "We are committed to growing our AUM and maintaining a strong presence in the regional asset management industry. As an asset manager specialising in Asia, we believe in the long-term growth and investment potential of China."

Mr Ho noted that since the appointment of Mark Li as general manager of Fullerton Investment Management (Shanghai), the team has been instrumental in scaling up its presence in Shanghai. He said: "We are honoured to be the first foreign Asian house to be approved as a private fund management company, and we thank the Asset Management Association of China and China Securities Regulatory Commission for their continued support."

Mark Li, general manager of Fullerton Investment Management (Shanghai), said: "Having obtained the PFM qualification, we are focused on expanding our Chinese operations. As one of the main drivers of Fullerton's growth strategy, China is the first office outside of Singapore where Fullerton is moving towards full-scale localisation. We are actively engaging local investors and distributors, as we prepare to offer private funds to qualified individual and institutional investors. Fullerton is very well established in Singapore, and we are confident that our investment expertise will present an attractive proposition to Chinese clients."

Fullerton is based in Singapore and has associated offices in Shanghai, London and Tokyo. It is licensed under the Securities and Futures Act and regulated by the Monetary Authority of Singapore.