Aberdeen Standard Investments has received approval to launch funds to high-net-worth and institutional investors in China.
Aberdeen Asset Management (Shanghai), a wholly foreign-owned enterprise of Aberdeen Standard Investments, has registered as a private securities investment fund manager with the Asset Management Association of China (AMAC), expanding its distribution capabilities in the onshore market.
Aberdeen Standard Investments already provides offshore international investment strategies to Chinese institutional investors.
Martin Gilbert, co-chief executive of Standard Life Aberdeen, says: “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.”
Aberdeen Standard Investments is the latest asset manager to obtain a licence to manage private funds in mainland China. Neuberger Berman, Fidelity, UBS Asset Management, Man Group and Invesco, along with several Asian-based firms, already have the private fund manager registration through the Asset Management Association of China.