Aberdeen’s wholly foreign owned enterprise, Aberdeen Asset Management, has secured the licence through the Asset Management Association of China (Amac).
New opportunities
The new qualification enables the firm to manufacture and offer onshore private securities investment funds to qualified institutional and high net worth investors in China, expanding its investment and distribution capabilities in the onshore market.
Martin Gilbert, co-chief executive of Standard Life Aberdeen, said: “China is a strategic focus for our global business, with a fast-growing economy and vast growth potential and opportunities.
“As we embark on this new chapter in our growth journey, we look to further support China’s effort in the liberalisation of its capital markets,” Gilbert said.
Product launch
Once Aberdeen is granted the licence, it will have a six-month deadline to launch its first product.
A spokeswoman for the firm said the first product would be an equity fund, with a focus on bottom-up stock selection and would be rolled out by June 2018.
Only two other asset management firms have to-date launched products in China: Fidelity International and UBS Asset Management.
