Prudential’s Asian investment arm Eastspring Investments has obtained a licence for its subsidiary, the Eastspring Investment Management (Shanghai) Company, to sell equity, fixed income and multi-asset products to high net worth individuals and institutions in China.
The licence involves the wholly foreign-owned enterprise (WFOE) registering as a private fund manager (PFM) with the Asset Management Association of China.
Eastspring has also appointed Michelle Qi as chief investment officer, equities, China, describing her as a pioneer in onshore investing in China.
Qi will be responsible for the growth and development of the company’s onshore equities investment offering in the country.
She previously worked at Bank of Communications (Bocom) Schroder Fund Management in Shanghai for 13 years as an equity portfolio manager and, most recently, as chief investment officer.
Growth acceleration
Nic Nicandrou, chief executive, Prudential Corporation Asia, said: “It is anticipated that China’s assets under management will triple by 2025, resulting in it becoming the second-largest market globally, with $12.6trn (£9.7trn, €11trn) in managed assets.
“Expanding our presence in China is central to our long-term strategy in Asia. Receiving our PFM licence allows us to accelerate our growth in this important market.”
Eastspring chief executive Guy Strapp said: “Our ambitions in China are to serve local Chinese investors, offer Chinese investors the opportunity to invest in Eastspring’s global offshore funds and also provide global investors with the opportunity to invest directly in China via our onshore investment team.
“Our PFM licence reaffirms our commitment to this important market, providing us with a foundation for the long-term development of our asset management business in China.”
