Aberdeen Standard Investments (ASI) has secured the go-ahead from the Asset Management Association of China (AMAC) to offer onshore investment advisory services in the country.

The services will be delivered through Aberdeen Standard Asset Management (Shanghai) – the firm’s wholly foreign owned enterprise.

With the approval, the firm will now be able to offer advisory services on products offered by domestic wealth management subsidiaries of China’s commercial banks.

It will also be able to advise on products of fund managers as well as firms in the securities and futures space in China.

Commenting on the development, ASI head of Asia Pacific Hugh Young said: “China is a strategic long-term focus for our firm.

“As we continue to invest and strengthen our presence in China, we look forward to bringing a broader range of investment opportunities and international best practices to address the needs of Chinese investors.”

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Various asset managers have received similar approvals lately.

Last month, BlackRock started offering onshore investment advisory services in China after completing the registration of the service with the AMAC.

Earlier this year, Fullerton Fund Management obtained AMAC’s nod to offer onshore investment advisory services in China.

ASI received private securities fund management approval from the AMAC in 2017.

In 2018, the firm unveiled an A-shares fund in China.