The approval allows Schroders to offer additional services to its onshore investors. Credit: Schroders plc.

Schroder Investment Management (China) has secured permission from China Securities Regulatory Commission to establish a wholly foreign-owned public fund management entity in mainland China.

The approval allows the company to offer additional services to its onshore investors.

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It also helps the asset management company to boost its presence in mainland China.

The regulatory clearance follows a greenlight secured by the firm in January last year for launching its wealth management joint venture (JV) with Bank of Communications Wealth Management (BCOWM).

The permission was given by the China Banking and Insurance Regulatory Commission (CBIRC).

The JV received its operating license in February last year.

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Schroders global head of distribution Lieven Debruyne said: “Over many years we have been building an experienced, talented team of local professionals to better serve mainland China investors’ needs for diversified investment solutions. We have strong public markets and private assets capabilities in China, and we aim to provide holistic investment solutions to onshore and offshore investors in China.”

In 1994, Schroders set up its first representative office in Shanghai, China to offer various solutions to institutional and other investors.

Schroders China CEO David Guo said: “As the Chinese government continues to open up its financial market, we believe the China onshore retail fund and pension fund markets are ready for differentiated investment solutions from global investment managers.

“Schroders is committed to leverage its international investment experience to provide investors with innovative products and solutions that can help them achieve their long-term financial goals.”