Chinese asset managers that embarked on aggressive international expansion pushes are scaling back their ambitions, as increasingly fraught relations between China and the west bring to an end what was touted as a golden age for Chinese fund houses abroad.
Several groups that established offices or fund ranges in Europe and the US in 2015 and 2016 are putting the breaks on their expansion or retrenching by closing funds, shrinking sales teams or dropping regulatory licences.
Harvest Global Investments, the $121bn fund manager whose 2015 London expansion was welcomed by then UK chancellor George Osborne, recently disbanded its international sales team, according to three people familiar with the matter.
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