Listed hedge fund firm Man Group has become the latest in a select group of foreign-owned asset managers granted authorisation to manage domestic funds in China.

Man Group, which manages around $96bn worldwide, is among the first to be registered as a private securities investment fund manager by the Asset Management Association of China. The license, known as a PFM license in China, permits Man Group's Shanghai office to develop onshore products for Chinese institutional and high-net-worth investors.