South Korean asset manager Mirae Asset Financial Group has secured a private equity funds licence in China.

The licence will enable the company to enter the $20trillion Chinese asset management market, the second largest in the world.

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The Asset Management Association of China (AMAC) has awarded a private fund management wholly foreign owned enterprise (PFM WFOE) licence to Mirae’s Chinese unit based in Shanghai.

The licence will enable Mirae Asset to manage private equity funds for its customers in mainland China without a local joint venture partner.

Since the Chinese government reduced regulations over its financial market in June 2016, 16 foreign firms, including Mirae Asset, have received the licence to operate as an independent private equity operator in the country.

Earlier, the foreign fund managers were allowed to operate in China in joint-ventures with local companies.

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International financial companies such as UBS, Bridgewater Investment Management and BlackRock have already set up their private equity management units in China.

The company officials told koreaherald.com that Mirae Asset will target local entities and high-value investors selling funds in mainland stocks and bonds.

Currently, Mirae Asset operates across 12 countries in the world including the US, Canada, Brazil and China.

In February, the company acquired US-based ETF provider Global X Management Company, as a part of its strategy to expand overseas operations.

The financial terms of the deal were not disclosed.