Fidelity International China President Daisy Ho will leave the company to pursue other career opportunities, the global asset manager said on Wednesday, less than three weeks after Chinese regulators allowed it to set up a mutual fund subsidiary.
The departure of Ho, who oversees Fidelity International‘s overall China strategy, “won’t impact the preparation of the company’s China mutual fund business,” the company said in a statement.
Rajeev Mittal, Fidelity International‘s managing director for Asia Pacific ex-Japan, will lead the company’s China business until a new candidate is appointed, it said.
On Aug. 6, Fidelity International said it had obtained Chinese regulatory approval to set up a wholly-owned mutual fund business in Shanghai.
The long-awaited green light would give Fidelity International a toehold in the country’s $3.5 trillion retail fund market.
China scrapped foreign ownership caps in its mutual fund and securities sectors on April 1, 2020, under a Sino-U.S. trade deal.
BlackRock’s newly established China mutual fund subsidiary has already started operation, while rivals including Neuberger Berman, Schroders PLC and VanEck have also applied to set up mutual fund units in China.
Reuters