Global Funds Bolster China Forays as Market Outlook Brightens

(Bloomberg) — Global asset managers are starting the year with a stronger foothold in China’s 26 trillion yuan ($3.8 trillion) mutual fund industry as the end of stringent Covid curbs and a renewed focus on the economy brighten prospects for investors.

Fidelity International Ltd. and Neuberger Berman Group’s fully owned fund units won long-awaited approvals in the final two months of 2022 to start business, shortly after Manulife Financial Corp.’s bid to take full control of its joint venture was cleared in November. They join BlackRock Inc., which had a head start by setting up fully owned operations in 2021.