Zhongzhi Enterprise Group Consolidates Wealth Management Units

What’s new: Chinese investment conglomerate Zhongzhi Enterprise Group will consolidate its four wealth management units into one and keep only one independent fund sales license.

The consolidation is at the request of regulators as part of China’s efforts to tighten oversight of the nation’s $13 trillion asset-management industry.

Zhongzhi’s four wholly owned licensed wealth management units—Beijing Hengtian Mingze Fund Sales Co. Ltd., Beijing Zhixin Fund Sales Co. Ltd., Beijing Tangding Yaohua Fund Sales Co. Ltd. and Beijing Shengshi View Fund Sales Ltd.—will be combined into Beijing Zhongzhi Fund Sales Co. Ltd., the group said Friday in a statement.