U.S. asset manager Invesco expressed bullishness about the prospects in China with aims to grow its client assets in the market to $100 billion by 2023.
This marks a growth of more than 40 percent compared to its current level of about $70 billion, according to a «Bloomberg» report citing Invesco's Asia Pacific head Andrew Lo.
Globally, Invesco is home to $1.2 trillion in total assets under management.
Hiring Plans
Year-to-date, Invesco has added 27 employees to its onshore JV across functions including research, fixed income, marketing and digital operations.
More hiring will come, said Lo, who declined to provide additional details.
More Partnerships?
Invesco currently has a 49 percent stake in the JV and it is making «progress» to boost ownership to 51 percent to gain control. Although it is keeping an «open mind» about additional local partnerships, it is currently focused on leveraging the existing JV’s 17-year reputation.
«The biggest difference between us and many of the global competitors is that we’ve been doing this for 17 years,» Lo added.
«I don’t think it’s an easy market – there’s a lot of nuances. You have to be very nimble, very quick. It’s not going be an easy market for new entrants.»
