Fidelity Investments has opened a back-office operation in China, in a port city in the northeast by the name of Dalian, becoming the first foreign fund company to do so, Financial Times reports.
The office will employ several thousand people, possibly making it second in size to Fidelity’s back-office operations in India, where it employs 9,000 staff, said Brett Goodin, head of Fidelity Asia.
The new office will support Fidelity’s operations in Japan. “I don’t know that this venture will be able to provide all of Fidelity’s back-office support for this region, but I do feel that it may be able to provide a high level of support due to the strong systems, operational and linguistic skills that are not all available in India or elsewhere,” Goodin said.
Citigroup also recently opened a back-office center in Dalian.