China is moving to open up its booming wealth management sector to foreign asset managers looking to break into the domestic market. But it will take a combination of dedication to courting local savers, and regulators’ continued crackdown on risky investment vehicles, for them to capture a meaningful share of the country’s growing middle class.

Several fund houses have recently obtained permission to manage onshore money for private and institutional investors in China, with BlackRock, Aberdeen Standard Investments, Neuberger Berman, Invesco, Man Group, UBS Asset Management and Schroders among the most recent entrants to this expanding club.