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Fidelity International applies to set up wholly owned mutual fund subsidiary in China

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Global asset management giant Fidelity International has applied to set up a wholly owned mutual fund subsidiary in China, making it the third foreign financial institution to do so after BlackRock Inc. and Neuberger Berman Group LLC, after the country opened up its lucrative fund market to foreign companies.

Fidelity said that it has submitted the application to the China Securities Regulatory Commission (CSRC), the country’s top securities regulator. “The application for a mutual fund license . . .

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