⁍ Amundi, Europe’s largest asset manager, launched a wealth management venture in Shanghai on Wednesday.
⁍ The French company, which already owns a mutual fund venture in China, is capitalizing on a new round of financial opening by Beijing.
⁍ Amundi has obtained a $300 million quota under China’s outbound investment scheme QDLP, and will set up a subsidiary in Beijing to help Chinese invest abroad.
– Amundi, Europe’s largest asset manager, launched China’s first foreign-controlled wealth management venture today, Reuters reports. The company is 55% owned by Amundi, and 45% held by a unit of Bank of China. Last July, China allowed foreign asset managers to form majority-owned wealth management ventures with local banks, throwing open the market that fund consultancy Z-Ben Advisors estimates will more than double to $8.37 trillion in a decade. “You don’t have a single market in the world where you see global asset managers are positioning themselves so proactively, and so resourcefully,” says Amundi’s CEO for North Asia.
Source: https://www.reuters.com/article/china-amundi-expansion/amundi-expands-in-china-as-beijing-further-opens-up-asset-management-idUSL4N2GR3SK