(Yicai) March 12 -- The US’ Kohlberg Kravis Roberts, Canada’s Brookfield and other overseas asset managers have recently registered their China subsidiaries as private fund managers with the Asset Management Association of China to speed up entry into the country’s vast wealth management market.

KKR, which has offices in Beijing, Shanghai and Hong Kong, finalized the registration of its Shanghai unit with AMAC on March 8 with a registration capital of CNY10 million (USD1.4 million), according to the association, which is a self-regulation organization under the China Securities Regulatory Commission that promotes innovation and development within the asset management industry in China.

Xu Kang, who joined the New York-based firm in 2013, is general manager and head of investment at the Shanghai unit. Xu previously worked for McKinsey&Consulting’s Shanghai arm and Blackstone Group’s Hong Kong branch.

KKR, which managed USD553 million worth of assets as of the end of last year, has created a number of Asia-oriented funds such as the China growth fund.

That same day, Brookfield finished registering its Shanghai subsidiary at AMAC with a registration capital of CNY100 million (USD13.9 million), according to the AMAC. Zhu Yuan, who joined the unit as vice president in 2019, is the subsidiary's legal representative and general manager.

The 120-year-old Toronto-based firm manages about USD900 billion worth of assets and specializes in real estate, renewable energy, infrastructure, and private equity.

Tikehau Capital will open its first China office this year in Hong Kong as the French investment giant seeks to speed up entry into private credit markets in Asia, the Paris-based firm said in its latest financial report. The company managed EUR42.8 billion (USD46.8 billion) in assets as of the end of last year, mostly in private debt, PE, real estate, stocks and bonds.

Editor: Kim Taylor