Fidelity International gets licence to launch onshore China funds

LONDON (Reuters) - Bermuda-based fund firm Fidelity International Limited said on Wednesday it had become the first large foreign asset manager to be awarded a licence that allows it to invest in China's financial markets on behalf of Chinese institutions and affluent investors.

The investment manager said its wholly foreign-owned enterprise (WFOE) in Shanghai was the first to register with the Asset Management Association of China (AMAC) as a private fund management company.

"China is crucial to our global growth strategy, and as a privately-owned company, we are able to take a long-term approach to develop the best solutions for our clients to meet their investment and retirement needs," said Mark Talbot, Managing Director, Asia Pacific, Fidelity International.

(This story corrects to show Fidelity International based in Bermuda, paragraph 1.)

(Reporting by Simon Jessop; editing by Rachel Armstrong)