Aberdeen Standard Investments granted fund management license in China
Aberdeen Standard Investments announced that its wholly foreign-owned enterprise (WFOE), Aberdeen Asset Management (Shanghai) Co. Ltd, is now registered as a private securities investment fund manager with the Asset Management Association of China (AMAC).
This will enable the WFOE to market and offer onshore private securities investment funds to qualified institutional and high-net-worth investors in China. Aberdeen Standard Investments has been present in China for over 15 years; in September 2015, Aberdeen AM was granted a private securities investment fund management license from AMAC.
Martin Gilbert, co-chief executive of Standard Life Aberdeen, said: “China is a strategic focus for our global business, with a fast-growing economy and vast growth potential and opportunities. As the Chinese government continues to reform the financial services industry, we are excited to expand our onshore business to tap into the long-term investment opportunities. Building on our market-leading global capabilities, knowledge and expertise of international and domestic markets, we are committed to bringing diversified solutions to meet the evolving investment needs of Chinese investors. As we embark on this new chapter in our growth journey, we look to further support China’s effort in the liberalisation of its capital markets.”
Amy Wang, head of China, Aberdeen Standard Investments, commented: “The registration allows us to deliver a stronger proposition and client offering to investors in China and we appreciate the continued support from the China Securities Regulatory Commission and the AMAC. We are dedicated to developing a leading fund management platform, investing more resource on the ground and contributing to the sustainable development of China’s asset management industry. Leveraging our strong Asia Pacific investment franchise, our immediate priority is to expand our operations in Shanghai and build a robust portfolio management team to facilitate onshore investment and product development.”
Wang was name general manager of Aberdeen Asset Management (Shanghai) Co. Ltd. at the end of August.