Citic Securities Cleared for New Asset Management Unit

What’s new: Citic Securities, China’s largest brokerage, won regulatory approval to set up a new asset management unit, paving the way for it to tap into the mutual fund business.

The new venture, with registered capital of 1 billion yuan ($145 million), was approved to offer securities asset management and overseas securities investment services. The unit is the 25th brokerage-backed asset management firm approved in China.