Mirae Asset, Hanwha eye China IM-WFOEs
The two Korean managers are planning to set up onshore wholly-owned entities, which are seen as important vehicles for foreigners to win domestic China mandates amid deregulation.
Korean fund firms Mirae Asset Global Investment and Hanwha Asset Management are looking to set up or expand wholly foreign-owned enterprises (WFOE) in China that can conduct investment management.
Onlookers say the companies are doing so in order to gain investment mandates from local pension companies and insurers.
Observers said the move made sense for both companies, given their desire to access China’s fast-growing investor base. Foreign asset managers that want to win dome…
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