Aberdeen Standard Investments’ (ASI) wholly foreign-owned enterprise (WFOE) in China, Aberdeen Standard Asset Management (Shanghai) Co., Ltd, has received the approval from the Asset Management Association of China to provide onshore investment advisory services in the country.
The new qualification enables our WFOE to provide investment advisory services to asset management products offered by onshore financial institutions, including domestic wealth management subsidiaries of commercial banks, securities and futures companies, as well as fund management firms and their subsidiaries.
Hugh Young, Head of Asia Pacific at Aberdeen Standard Investments, said:
“China is a strategic long-term focus for our firm. We are delighted to expand our onshore business to offer investment advisory services to the domestic investors. This is a testament to Aberdeen Standard Investments’ diverse investment expertise and track record, as well as our strong commitment to China. As we continue to invest and strengthen our presence in China, we look forward to bringing a broader range of investment opportunities and international best practices to address the needs of Chinese investors.”
ASI was one of the first foreign asset managers to establish an investment management WFOE in Shanghai. The firm has significantly expanded its business in China since completing its Private Fund Management Company registration in November 2017, and built a highly-talented onshore team with investment capability across equities, fixed income, multi-asset and quantitative strategies. The WFOE successfully launched its first onshore private A-share fund for qualified Chinese institutional and high-net-worth investors in May 2018. The onshore fund adopts the same investment strategy as ASI’s flagship Luxembourg-domiciled A-share fund that has gathered US$2.6 billion in AUM since its inception in 2015.
Ian Macdonald, Deputy Head of Asia Pacific at Aberdeen Standard Investments, said:
“The investment advisory services approval marks a significant step in further growing our China business. We are encouraged by China’s continued efforts in opening up the financial services industry. Building on our deep insights and investment strength across asset classes, a robust risk management platform and strong governance framework, we are dedicated to delivering diverse propositions to onshore investors and contributing to the development of the asset management industry in China.”
Aberdeen Standard Investments has had a presence in China since 2002 and a solid track record of investing in China since the mid-1980s. The firm was among the first global investors to access the onshore markets via the Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) schemes.
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*as at 31 December 2018
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