ASI gets China onshore investment advisory qualification

Great wall of ChinaAberdeen Standard Investments’ (ASI) wholly foreign-owned enterprise (WFOE) in China can now provide investment advisory services to domestic investors. The move comes after Aberdeen Standard Asset Management Shanghai was granted permission by the Asset Management Association of China. “The new qualification enables our WFOE to provide investment advisory services to eligible onshore Chinese investors on products offered by domestic wealth management subsidiaries of commercial banks, securities and futures companies, fund management companies, as well as other types of asset management firms in China,” ASI said in a statement. “The investment advisory services approval marks a significant step in further growing our China business,” said Ian Macdonald, deputy head of Asia Pacific at ASI. “We are encouraged by China’s continued efforts in opening up the financial services industry,” added Macdonald. Aberdeen Shanghai launched its first onshore private A-share fund for qualified Chinese institutional and high net-worth investors in May last year. ©2019 funds global asia

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