(China Alert) Global Managers: Gaining real control
- Stock Connect, WFOE
·Hang Seng will take a 70% stake in a domestic JV FMC
·Aberdeen announces unique WFOE ahead of UK talks
·Regulators are permitting foreign firms to claim more territory
Update: The route to ownership for a company able to manage and market investment products in China is becoming shorter and straighter. This transformation is occurring at a faster speed than even we have imagined. This realization hit us on the heels of announcements from Hang Seng and Aberdeen Asset Management, which are both creating new and, to some observers, unexpected vehicles on the Mainland. Both these firms and the dozen that will follow are beneficiaries of incremental advances towards a globally-open fund management architecture, something China has encouraged in at least the last four rounds of global bilateral economic dialogues. Not entirely coincidentally, UK-China Economic and Financial Dialogue (EFD) begins today, and promises to be meaningful for British and non-British fund managers alike.
Barriers to owning your own fund management company in China are falling like dominoes. Arguably, the first domino fell in March when China removed the foreign ownership limit on ……
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