Pictet’s asset management arm joins the wave of foreign fund houses seeking to capitalize on China’s market-opening with the establishment of a new Shanghai office.
Pictet Asset Management opens a wholly foreign-owned enterprise (WFOE) in Shanghai which will enable it to raise funds from mainland investors into its offshore strategies under China’s qualified domestic limited partners (QDLP) channel.
«The global macro environment is not without challenges but given the Group’s financial strength and our long-term commitment to the China market, we remain confident that now is the time for us to take this important step,» said Renaud de Planta, a senior partner at Pictet Group.
Product Shelf Buildout
According to Pictet Asset Management’s Asia ex-Japan CEO Junjie Watkins, the business unit in China will first focus on cross-border investments before developing local investment capabilities.
«We look forward to introducing our global expertise and product offering to onshore investors, who are increasingly receptive to diversifying their investments as market uncertainties persist,» said Watkins.
«We are encouraged by the prospect of the country’s asset management industry, which has developed into one of the world’s biggest and fastest-growing, thanks to China’s economic strength and its rate of capital accumulation,» de Planta added.
