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China (Re)Entry For Globals
Anutosh banerjee, Jason Ekberg 2019.11.29
We have witnessed surging interest by global financial institutions to enter or re-enter China over the last two years. To promote and support the development of the financial sectors, China has been opening up the market by relaxing shareholding limits to foreign players in the financial sector. In July 2019, the PBOC announced that the 51% shareholding cap for foreign ownership of joint-venture brokers, fund management companies (FMCs), and futures companies would be cancelled by 2020, one year earlier than originally planned. Since the publication in early 2018 of our last thought-piece on China entry, “Global Asset Managers in China: Riding the aves of Reform”, the wave of entries into China has continued with great momentum. For example, 22 global asset managers have set up private fund management (PFM)companies in China1. Meanwhile, many firms have been actively converting their FMC JVs into majority ownerships. Some firms have even been considering Bank Wealth Management Subsidiaries (WMSs) as another plausible structure. Moreover, things have not been confined to the asset management space. The fundamental changes happening in capital markets are providing additional opportunities for global players to compete in the wealth management and securities spaces. For instance, four global investment banks have already obtained majorityowned securities JVs, with many more such JV applications pending as of the time of writing. As such, in the future, global asset managers could increasingly be served by global brokers operating in China who would offer services that are more aligned with global practices.
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