BEIJING, Feb. 18 (Xinhua) -- Oaktree Capital Management, a global asset management firm focused on alternative markets, has established a wholly-owned subsidiary in Beijing, according to the municipal finance regulator.
The subsidiary was set up in Chaoyang District of Beijing on Friday, according to the Beijing Local Financial Supervision and Administration Bureau.
Oaktree Capital chose to set up a subsidiary in Beijing because the business environment of the city's finance sector is very attractive to foreign-funded firms, said an executive with the U.S.-based firm.
Despite the fact that China's economy is temporarily hit by the coronavirus outbreak, Oaktree Capital will not change its prospects on the long-term growth of the Chinese economy, said the executive.
The establishment of Oaktree Capital's subsidiary in Beijing is of great significance for the further opening-up of Beijing to foreign capital, said an official with the Beijing finance regulator.
Founded in 1995, Oaktree Capital manages over 120 billion U.S. dollars in assets for its clientele across the world.
