AXA registers a fund unit as part of the relaunch of activity in Shanghai

The logo of French insurer Axa is seen outside a building in Montaigu, France, February 23, 2022. REUTERS/Stephane Mahe

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SHANGHAI, June 2 (Reuters) – AXA Investment Managers has completed the registration of a private fund unit in Shanghai, as Chinese regulators streamline processes to help foreign and local asset managers revive businesses amid Covid-19 epidemics.

Other documents filed with the Asset Management Association of China (AMAC) also show that the Shanghai subsidiaries of global asset managers, including Neuberger Berman, Abrdn Plc, Winton and Barings, have completed fundraising for their local fund products during the city’s two-month lockdown, which ended on Wednesday. .

AMAC, overseen by China’s securities watchdog, said last week it would adjust filing and registration processes to help companies overcome virus restrictions and get back to work.

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Among the measures, electronic signatures can replace corporate seals in fund registrations, while a new private fund is now allowed to complete fundraising 18 months after registration, up from 12 months previously.

The Shanghai government on Monday unveiled a series of measures aimed at reinvigorating the economy, including policies to encourage more foreign asset managers to launch cross-border funds and set up regional investment hubs in the city. .

AXA IM, the fund unit of French insurer AXA, on May 30 registered a private fund management company in Shanghai, according to a filing with AMAC, allowing it to launch local fund products.

AXA already has a life insurance business and a mutual fund business in China.

Separately, KKR (KKR.N) and BlackRock (BLK.N) recently received Chinese regulatory approvals allowing their newly formed local units to raise funds to invest overseas, according to official documents. Read more

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Reporting by Samuel Shen and Andrew Galbraith; Editing by Kim Coghill

Our standards: The Thomson Reuters Trust Principles.

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