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Aberdeen Asset to bag first private fund management license in China
Say goodbye to joint ventures and say hello to a new era for foreign fund managers because according to the SCMP, Aberdeen Asset Management is about to bag the first ever private fund manager licence in China:
“British fund manager Aberdeen Asset Management is due to be granted a private fund manager licence in China, signifying foreign fund managers will no longer need to go into joint ventures and can operate at 100 per cent shareholding in their investment businesses.
The fund manager will receive a private fund licence for its wholly-owned foreign enterprise (WFOE) setup in Shanghai.
The quota for Britain's renminbi qualified foreign institutional investors (RQFII) programme is due to be increased as part of the 200 trade agreements that are to be concluded over President Xi Jinping’s visit to London this week, sources familiar with the situation told the South China Morning Post.”
The license not only allows Aberdeen to trade in China's secondary markets, but to also raise cash from individual and institutional investors onshore.
Photo: Anthony Kelly