Two of the world’s largest and most successful quantitative hedge funds have won approval to launch domestic funds in China, becoming the latest in a steady stream of western firms to gain onshore status in the vast and fast-growing market.

Winton, with $30bn under management, and Bridgewater Associates, the $160bn US firm often referred to as the world’s largest hedge fund, have both been granted authorisation from the Asset Management Association of China, an organisation that combines the roles of trade body and semi-official regulator.