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Man Group to set up China hedge fund

U.K.-based Man Group Plc will start a quantitative hedge fund in China after receiving a license to serve as a private securities investment fund manager in September, the Financial Times reported Dec. 11, citing Tim Wong, the chair of Man Group Asia.

The move will make Man Group the first foreign investment company to launch an onshore hedge fund in China. The fund will be managed by the company's AHL quantitative trading unit in Shanghai and will be offered to wealthy Chinese investors.

The hedge fund will use computer algorithms and trade across liquid markets in China.

The report came after China announced plans to relax or abolish foreign ownership limits in banks, asset managers, securities ventures and insurance companies.