AZ Investment Management (Shanghai), a unit of Italian asset manager Azimut, has secured registration as a private fund manager (PFM) from the Asset Management Association of China (AMAC).
The registration will enable the firms to sell onshore investment products to institutional and HNW investors in China. The firm has a deadline of six months to launch its first product.
Azimut CEO Sergio Albarelli said: “The PFM registration is a significant milestone for us, without a presence in China no asset manager can be truly global. We early understood it and have committed to becoming a leader in the management of funds that invest in both Chinese equities and fixed income.”
Azimut set up a footprint in China in 2010, and later introduced the Luxembourg domiciled umbrella fund AZ Fund Renminbi Opportunities, a UCITS V fund specialised in the Chinese currency.
The firm also is the first Italian fund provider to receive licence for the Qualified Foreign Institutional Investor (QFII) programme.
AZ Investment Management (Shanghai) general manager Stefano Chao added: “We are excited at this new chapter in the development of our operations in China and the new opportunities that will emerge with the continued growth of the Chinese market.”