Aberdeen Standard Investments gains Chinese licence

Private_jet_AsiaThe Chinese operation of Aberdeen Standard Investments has gained a licence to offer funds to institutional and high-net-worth investors. Aberdeen Asset Management (Shanghai), the group's wholly foreign-owned entity (WFOE), was awarded the licence by the Asset Management Association of China. “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,” said Martin Gilbert, co-chief executive. Aberdeen Asset Management established its WFOE in 2015. At the time, it was among the first international asset managers to gain a WFOE that permitted it to carry out onshore investment management. Earlier this year, Aberdeen and Standard Life Investments announced their merger, creating a combined business with £583 billion ($780 billion) under management. ©2017 funds global asia

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