The MOU has been entered into “to allow EW Asia and ICBCAIM to collaborate in the development of products and investment strategies for distribution through the ICBC network in China,” according to a statement released by Easton.
Easton said that the initial focus of the collaboration will be to design and launch funds “which combine equities and bonds in a low-risk strategy”.
“In addition, it is intended that an integrated Significant Investor Visa (SIV) service offering – as recently launched by the Australian government – [will be made available] to ICBC clients wishing to apply for such visas,” the statement added.
ICBC is Asia’s largest bank, and has significant ambitions in global investment management, Robert Swift, an executive at Easton, said, explaining why the deal made sense for both parties. He said Easton’s executives both in Asia and Australia “look forward to building a strong relationship” with the Beijing-based ICBC, the full name of which is Industrial and Commercial Bank of China.
As reported in January, Melbourne-based, Australian Securities Exchange-listed Easton Investments acquired a 19.9% stake in AAM Advisory, as part of an effort on behalf of its Easton Wealth Asia subsidiary to boost its presence in booming Singapore, and overall growth strategy in the region.
At the end of January, Easton had more than A$700m ($732m, £482m) in assets under advice and management.
