Bridgewater Associates LP has been approved to sell its products to institutional and high-net-worth investors in China, the Wall Street Journal reports.
The Shanghai-based branch of the world’s largest hedge-fund firm was granted its license as a private fund manager last week, with the condition of launching its first mainland investment fund within six months.
As with other major global asset managers entering into the Chinese market under new regulation, such as BlackRock and Fidelity, Bridgewater will be restricted to selling products in China that invest solely in onshore assets.
Bridgewater has around $160 billion under management and has been operating in Shanghai for the past two years in a limited capacity. The new status permits the company to raise funds domestically for investment within China.