Italy’s Azimut Group has received approval from the Asset Management Association of China (AMAC) to be registered as a private fund manager in the Asian country.
An Zhong (AZ) Investment Management, a wholly-owned subsidiary of Azimut, has become the first Italian asset manager to obtain the approval to operate as a private securities fund management firm in China.
AZ’s license, approved on 28 February, allows Azimut’s subsidiary to launch, manage and sell onshore funds to institutional and high net worth investors (HNWIs) in Mainland China, giving it six months to launch a product onshore.
Sergio Albarelli, CEO of Azimut Group says: “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. We are proud that the Chinese Regulators have approved us amongst a few selected foreign asset managers to participate in the development of what is shaping up to be one of the most important asset management markets in the decades to come.”
Stefano Chao, General Manager of AZ Investment Management (Shanghai) adds: “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. We look forward to bring Azimut brand of innovation to the design and management of investment products for the Chinese market.”
Azimut Group established its presence in China at the end of 2010, and in 2013, it launched the Luxembourg domiciled umbrella fund AZ Fund Renminbi Opportunities – one of the largest UCITS V fund worldwide specialised in the Chinese currency.