A state-back enterprise in China has inked a partnership with a Frankfurt-based robo-advisor.
German fintech Ginmon will open an office in Shanghai after clinching a partnership with the Yunfu Internet unit of China Everbright Group, the Frankfurt-based firm said. Everbright, which is state-owned, will offer Ginmon services through various channels.
Ginmon and Everbright didn't disclose financial details of the deal. The robo-advisor provides access to exchange-traded fund portfolios via automated software. Ginmon's Jerome Eger, who has lived in China for the past ten years, will lead the firm's seven-person team in Shanghai.
Ex-Deutsche Banker
China is the largest asset management market worldwide, after the U.S. Its robo-advisor market is estimated at upwards of $750 billion.
«After a deep analysis of all providers we are sure that Ginmon’s leading technology is the best match with our ambitions,» Everbright Yunfu Internet's vice chairman and CEO, Lingwu Xia, said in a statement.
Ginmon wants to position its products as an automated alternative to the often frothy and unpredictable domestic capital market. The firm was founded in 2014 by former Deutsche Bank banker Lars Reiner.
