Pictet sets up shop in Shanghai

Shanghai_skylinePictet has become the latest global firm to expand in mainland China after announcing that its asset management will open an office in Shanghai. Following its registration with the Asset Management Association of China, Pictet Asset Management’s wholly foreign-owned enterprise (WFOE) will be allowed to raise funds from domestic investors to allocate to its offshore strategies under the Qualified Domestic Limited Partners programme. A number of fund managers have sought to set up their own WFOEs in China under the QDLP initiative after China scrapped foreign ownership limits for fund management firms. US manager Alliance Bernstein sought regulatory approval for a WFOE earlier this month, following the example of others such as BlackRock, Fidelity and Man Group. “We are encouraged by the prospect of the country’s asset management industry, which has developed into one of the world’s biggest and fastest-growing, thanks to China’s economic strength and its rate of capital accumulation,” said Renaud de Planta, senior partner at the Pictet Group. “The global macro environment is not without challenges but given the group’s financial strength and our long-term commitment to the China market, we remain confident that now is the time for us to take this important step,” he added. According to Pictet Asset Management’s chief executive for Asia ex-Japan, Junjie Watkins, the China onshore operation will initially focus on cross-border investment before developing its local investment capability. © 2020 funds global asia

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