Fidelity applies to set up China funds business - reports

'Important milestone'

Fidelity International has become the latest Western asset manager to apply to set up a mutual fund business in mainland China, aimed at retail investors.

Fidelity said the application for a mutual fund license was "an important milestone in our China strategy" and comes just over a month after China's securities regulator got rid of foreign ownership caps in the mutual fund sector. The US firm said it would "continue to devote resources to expand our capabilities and develop more solutions" in China. Fidelity CEO Richards calls for new retail vehicle to support UK rebound Quoted in the Financial Times=, managing director of Fidelity's Asia Pacific ex Japan business Rajeev Mittal said: "We look forward to providing Chinese investors ...