Starting next month, for the first time, foreign senior staff of private securities funds will be able to take the industry’s qualifying exam in English, the Asset Management Association of China said on its website April 12. The tests are for staff including chairmen and presidents, as well as investment, research and trading heads.
Fidelity International, UBS Asset Management and Man Group are among foreign firms licensed for China’s 2.6 trillion yuan ($414 billion) private securities funds industry, which caters to qualified domestic companies and wealthy individuals, rather than selling products to the public as mutual funds do. The qualifying exams were previously only offered in Chinese, sending foreign firms scrambling for the limited pool of local language speakers to fill such posts.
“This new development is a major step toward welcoming global talent,” Liu Ming, a senior associate at Shanghai-based consulting firm Z-Ben Advisors, said in an email. “This offers more opportunity for foreign managers to transfer key senior members of their overseas teams to oversee and run their China operations.”
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