(China Alert) WFOE conversion: A rae of light

-Allianz and Mirae each now have IM WFOEs
-We believe approvals should now speed up
-This competitive uptick will be timely as two regulatory greenlights are imminent

Update: The approval of Vanguard’s WFOE in November appears to have restarted the process for all those in the pipeline. Allianz GI has now completed its own investment management platform (IM WFOE) registration, as has Mirae Asset. Allianz seems intent on taking on the QDLP business and has found a way to nest that strategy into its IM WFOE. Mirae, on the other hand, has done what no one else has: converted an investment advisory (IA) entity into an IM WFOE. Capping off an eventful week was Neuberger Berman with a greenfield IM WFOE registration in Shanghai, separate from its older IA entity. However, Z-Ben Advisors believes attention will now be on how these platforms are operated, rather than just who has one.

Z-Ben Analysis

For all those global managers with an existing IA WFOE …

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