Fidelity International’s wholly foreign-owned enterprise (WFOE) private fund management company launched its first private fund in China as part of the firm’s long-term growth strategy. The fund was launched in Shanghai today and will be managed by Freddy Wong.

Fidelity International’s first private fund in China primarily invests in Chinese onshore bond markets with an objective to achieve income and capital appreciation. The fund is available to eligible Chinese institutional and high-net worth investors.

Fidelity International’s WFOE in Shanghai was established in September 2015. It was the first global asset manager to register with the Asset Management Association of China (AMAC) as a private fund management company in January 2017. This qualification allows Fidelity International to manage private funds in China.