(Yicai Global) Feb. 18 -- A wholly owned subsidiary of Oaktree Capital Management has completed its corporate registration in Beijing and is expected to become China's first wholly foreign-owned asset management company.

Oaktree Beijing was registered on Feb. 14, with capital of USD4.55 million, according to public information. Its business will span asset and investment management and it will serve as an important platform for the company to expand various businesses in China, Beijing News reported today, citing Los Angeles-based Oaktree Capital.

Founded in 1995, Oaktree Capital's global assets under management exceed USD120 billion. Oaktree Capital and China Cinda Asset Management jointly established a non-performing asset disposal company in 2013 and its total investment in China tops USD6.5 billion.

China has continued to lift restrictions on foreign investment in the financial sector in recent years, including removing limits on foreign ownership of banks and financial asset managers in 2018. Before Oaktree Capital, Crédit Agricole Corporate and Investment Bank won regulatory approval in December to set up a wealth management joint venture in Shanghai with a 55 percent stake.

Oaktree Beijing still needs to apply for an appraisal management company license from China's financial regulatory authorities before it officially opens for business.

Editor: Peter Thomas