Aberdeen Asset Management (Shanghai) has obtained registration as a private securities investment fund manager from the Asset Management Association of China (AMAC).

The licence will allow the company to manage private funds and raise assets directly from institutional and HNW investors in China.

Following the receipt of the licence, the company is mandated to launch its first product within six months which probably could be an equity fund.

Standard Life Aberdeen co-chief executive Martin Gilbert said: “China is a strategic focus for our global business, with a fast-growing economy and vast growth potential and opportunities.

“As the Chinese government continues to reform the financial services industry, we are excited to expand our onshore business to tap into the long-term investment opportunities.

“Building on our market-leading global capabilities, knowledge and expertise of international and domestic markets, we are committed to bringing diversified solutions to meet the evolving investment needs of Chinese investors. As we embark on this new chapter in our growth journey, we look to further support China’s effort in the liberalisation of its capital markets.”

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Aberdeen Asset Management (Shanghai), a wholly foreign-owned enterprise (WFOE) of newly merged business Aberdeen Standard Investment, joins a growing list of companies such as Singapore-based Fullerton Fund Management and New York-based Neuberger Berman to secure the private fund management licence in China.