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The Private Securities Investment Fund Manager (PFM) license granted will enable Man Group to develop onshore investment products for qualified investors in China. The PFM license has been granted to Man Investment Management (Shanghai) Co, Ltd, a Wholly Foreign-Owned Enterprise (WFOE) incorporated by Man Group in Huangpu District, Shanghai.

As a global, diversified asset manager, Man Group has $95.9 billion in funds under management1 through its five investment management businesses and is listed on the London Stock Exchange. Man Group's China Office opened in 2012. In 2013 the firm was included within the first cohort of alternative investment managers to be granted a quota to raise funds from qualified Chinese investors for overseas investment under the Qualified Domestic Limited Partnership (QDLP) scheme.

Luke Ellis, Chief Executive Officer of Man Group, said: "The PFM license is the next stage of Man Group's long-term strategy to build our presence in the world's second largest economy. We strongly believe that there has been a growing appetite from the Chinese institutional investment community for the products we will offer under the new license, and we look forward to continuing to develop our business in the region."

Yifei Li, Chairperson of Man Group China, said: "We are honoured to receive this approval from AMAC to develop onshore investment products for qualified investors in China. This opportunity to build an onshore business opens a new chapter for Man Group in China. The Chinese fund management industry is developing at a rapid pace, and we are excited to play a role in its continued success."

Tim Wong, Chairman of Man Group Asia, said: "Man Group endeavours to provide a comprehensive suite of strategies to suit our clients' needs, supported by the firm's longstanding experience and diverse expertise across both quantitative and discretionary investment as well as asset classes and geographies. China's increasingly sophisticated markets offer a wealth of investment opportunities and we look forward to combining our global insight with our local presence as we develop strategies for Chinese investors."