[THE INVESTOR] Hanwha Asset Management, South Korea’s wealth manager, will set up its wholly owned private fund management in China in a bid to beef up its overseas alternative business, the company said on Sept. 22.

The board of Hanwha Asset Management approved its plan to invest US$10 million to establish Hanwha Investment Management in Tianjin.

The company will apply to secure a license to establish a wholly foreign-owned enterprise from the Chinese government by end-September.

Hanwha is one of the foreign asset managers seeking to set up their entirely owned subsidiaries in China as the country eased regulations that only allowed incorporation of Sino-foreign joint ventures.

Currently, JPMorgan Asset Management, an entity that will be wholly owned by J.P. Morgan, received approval to operate in China.

UK-based Aberdeen Asset Management and Boston-headquartered Fidelity Investments also plan to establish private fund managements in the country.

By Park Han-na (hnpark@heraldcorp.com)