Australia’s Boman Group is set to bag a Qualified Foreign Institutional Investor (QFII) licence in China. Separately, Ares Management has agreed to buy a majority stake in Australian work boot maker Redback Boot Company.
Boman Group gets regulatory approval for QFII licence
Australia’s Boman Group, best known for its investment into both OpenAI and Anthropic, said it has received approval from China’s securities regulator for a Qualified Foreign Institutional Investor (QFII) licence.
The firm said its asset management arm, Boman Asset Management, can now invest directly in a wide range of renminbi-denominated products in secondary markets, including listed shares, bonds, mutual funds, and exchange-traded derivatives such as futures and options.
“It’s a major step forward for Boman Group and a strong endorsement of our long-term commitment to China’s capital markets,” said Boman Group CEO Eric Gao.
The firm said it aims to bring in about 1 billion yuan ($140 million) of offshore institutional capital in an initial phase. It expects to target fast-growing Chinese companies, firms preparing for public listings, and domestic businesses it views as solid but undervalued.
Boman established its China headquarters in Tianjin’s TEDA development zone in November 2024, and said it is also pursuing a private equity fund manager licence to expand its onshore offerings.
Ares to buy majority stake in Redback Boots
Ares Management Corp said it has agreed to buy a majority stake in Australian work boot maker Redback Boot Company Australia, marking the US alternative asset manager’s first private equity investment in the country.
The deal is expected to close in the first quarter of 2026, subject to customary conditions. Financial terms were not disclosed.
Redback Boots, founded in 1989 by the Cloros family, manufactures work boots at a Sydney facility and supplies customers including the Australian Defence Force, alongside a network of overseas distributors, the companies said.
Managing director Matt Cloros, a fourth-generation boot maker, will retain a significant equity stake and continue to run the business full time.
Ares said it plans to support Redback’s expansion by scaling manufacturing capacity, strengthening its supply chain, and accelerating growth in Australia and abroad. Redback aims to lift annual output from about 650,000 pairs and develop new product lines to address shifting customer demand.
Ares, which invests in credit, real estate, private equity and infrastructure, said it had more than $595 billion in assets under management as of Sept 30.
