BNP Paribas Investment Partners (BNPP IP) is planning to establish a wholly owned foreign entity (WFOE) in Shanghai, China at the end of this year to target mainland clients.

In addition, BNP Paribas Investment Partners has also received a RQFII license to invest in China’s mainland securities market, according to Asian Investor.

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BNPP IP is also seeking for RQFII approval in Hong Kong and has already received $500 million in QFII quota.

Tino Moorrees, BNPP IP’s new Hong Kong CEO, said that the firm has also received a business license to operate as a 100%-owned company in China under the WFOE scheme.

Moorrees added that the WFOE will focus primarily on institutional clients and private funds, and will also deal with large family offices.

At the same time, BNPP IP is also planning to launch a multi-asset income fund focused on Europe for the wealth management sector in Hong Kong subject to regulatory approval.

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As part of the WFOE scheme, BNPP IP will not be allowed to sell investment products in China but can launch its capabilities to Chinese investors who can access overseas markets or products.

"Given that the European economy is on a recovery path and we are a European asset manager, we have come up with a solution for Asian clients seeking multi-asset income with a European twist," added Moorrees.

BNPP IP, which is seeking for RQFII licences in London and Paris, has not yet decided on the quota size.

WFOE is a limited liability company wholly owned by a foreign investor and has the ability to manage its own strategies and convert renminbi profits to dollars for remittance to its parent company outside of the mainland.