Britain’s Aberdeen Asset Management has received business licence from the State Administration of Industry & Commerce in Shanghai to operate in China.
The Wholly Foreign-Owned Enterprise (WFOE) license has been granted to a newly-created Aberdeen subsidiary and will allow the fund manger to establish an office in China under a pilot free-trade scheme.
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The company is looking to hire a small team of business development staff and analysts at its office in Shanghai to help foreign investors gain access to Chinese opportunities.
Aberdeen said that it will use the new office to increase its local equities research, which it currently does from Hong Kong.
Additionally, Aberdeen is now planning to apply to be registered with the Asset Management Association of China.
Aberdeen Asset Management CEO Martin Gilbert said: "The work undertaken to obtain a WFOE licence is part of our overall strategy to ensure Aberdeen Asset Management is well placed for the next 10 to 20 years."
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