French asset manager Amundi is reportedly eyeing to more than double its assets under management (AUM) in the Greater China region to $250bn.
The Paris-based firm is now seeking to more than double its assets in China, Hong Kong and Taiwan by 2025, Amundi Greater China chairman Zhong Xiaofeng told Bloomberg.
The asset manager is said to currently manage $120bn in assets in Greater China.
The company is also planning to establish a secondary home base in the region, which is considered to be one of the rapidly evolving wealth industries.
In order to expand its footprint across the region, the firm is working in close partnership with its joint venture partners Agricultural Bank of China and Bank of China to offer more products in Greater China.
It is also in the process of beefing up its workforce in the region.
Xiaofeng told the news agency in an interview: “We will cultivate China into a second home market for Amundi.
“A key challenge we need to succeed in is making our JVs in China an example of marrying local conditions and global standards.”
Amundi’s increased focus on China is part of its expansion plans in Asia, where it aims to increase assets to $593bn (€500bn) in the next four years.
Meanwhile, a number of other financial firms including BlackRock and Goldman Sachs also sharpening focus on China.
Last month, Blackrock secured the regulatory nod to start operating a wholly-owned onshore mutual fund business in China, becoming the first foreign asset manager in the country approved to do so.
In May, reports suggested that Goldman Sachs ramped up its employee headcount in mainland China and Hong Kong in the first four months of the year.