(Yicai Global) Sept. 8 -- Global leading assets management firm Man Group Plc [LSE:EMG] has secured a license from the Asset Management Association of China to act as an investment manager of onshore funds in the country, online news outlet Securities Daily reported.

Man Group becomes the first overseas hedge fund company stationed in China, and is able to provide domestic investment products to qualified institutional and individual investors in the country.

The firm's new wholly-owned subsidiary, Man Investments Shanghai Ltd. is located in Shanghai's Huangpu District and is the group's second wholly foreign-owned enterprise in China.

Man Group, first listed on the London Stock Exchange in 1994, is the largest and most diversified marketable alternative asset management company in the world. It manages assets of USD95.9 billion and owns five investment management brands.

The group set up a representative office in China in 2012 and became one of the country's first qualified domestic limited partnership (QDLP) companies in 2013.

China's assets management market has seen significant growth in the past and represents a key strategic market for Man Group, said Luke Ellis, global chief executive, adding that it was crucial the firm acquired the qualification. Man Group is honored, and eagerly looking forward to long-term business in China, the second largest economy in the world, he added.