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Fidelity ramps up expansion efforts in Shanghai
Continuing its drive to expand in the mainland, Boston-based Fidelity announced the establishment of its wholly foreign-owned enterprise (WFOE) in Shanghai.
The enterprise, according to Pionline, is meant to “facilitate future expansion plans in the world's second-largest economy,” adding that Mark Talbot, the firm’s Asia-Pacific ex-Japan managing director, said that “the WFOE could open the door for Fidelity to offer domestic investment capabilities to local institutional investors the firm already serves for their offshore investment needs.”
“[It] provides us with another channel should we gain approval to offer additional capabilities in the future.”
Fido already has a sizable presence in the region. Aside from its office in Beijing, the investment leviathan also has equity and bond analysts stationed in Shanghai, not to mention an over 350-strong ops team based in Dalian.
Photo: David Almeida