Bluefield Partners, a Hong Kong-based business development and investment consultancy, is set to open a new sales and administration center in Shanghai in the fourth quarter of 2015.

The move is part of the company’s drive to expand its footprint within the mainland China wealth management market, reported BriefingWire.

The center will comprise new salesforce, a full administrative complement and a purpose-built, proprietary trading floor, which is expected to develop the firm’s primary underwriting ambitions.

Bluefield’s sales development head Francis Tay will relocate to the Shanghai center from the Hong Kong office to support expansion of the company’s wealth management practice.

The company said that it intends to hire new personnel to the center within the next two months.

"We are tentatively looking to increase headcount within wealth management by about 30 but I’m not in a position to comment on rumors that we’ll be expanding our broker-dealer operations," Tay added.

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Bluefield Partners CIO Naveen Chawla said: "The sheer size of the Chinese market and the seemingly inexorable rise of a middle class with wealth to invest represent a very special opportunity and it’s one we fully intend to avail ourselves of."