Global fund firms prepare for faster Chinese liberalisation

This month's surprise announcement that wholly foreign-owned fund management companies are to be allowed in China from 2020  one year ahead of schedule  has inevitably sent a frisson of excitement through the global asset management industry.

However, major challenges lie ahead.

“This topic is high on the agenda of many global players because China is a market that no one can ignore,” Sally Wong, chief executive of the Hong Kong Investment Funds Association HKIFA, told FinanceAsia.

But setting up a Chinese fund management company to tap the country's huge mass market will likely require a lot of...