With the qualification, the Scottish asset manager will expand its onshore business to offer investment advisory services to domestic investors in China.
Aberdeen Standard Investment's wholly owned subsidiary in China has received approval to provide onshore investment advisory services in the country, the U.K.-based asset manager said in a statement on Wednesday.
The qualification allows Aberdeen Asset Management (Shanghai) 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, the firm said in the statement.
Strategic Focus
Aberdeen said it has significantly expanded its business in China since registering as a private fund management company in 2017, building an onshore team with investment capability across equities, fixed income, multi-asset and quantitative strategies. Aberdeen Shanghai successfully launched its first onshore private A-share fund in May 2018.
«China is a strategic long-term focus for our firm. As we continue to invest and strengthen our presence in China, we look forward to bringing a broader range of investment opportunities and international best practices to address the needs of Chinese investors,» Hugh Young, head of Asia Pacific, Aberdeen Standard Investments, said.
