Eastspring Investments, the Asian asset management unit of insurer Prudential, has obtained a licence from the Asset Management Association of China to operate as a private fund manager in the country that will enable it to manage non-retail funds.
The move will enable Eastspring’s wholly-owned enterprise Eastspring Investment Management (Shanghai) to offer HNWIs and institutional investors in China onshore investment products including equities, fixed income and multi asset products.
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Eastspring Investments CEO Guy Strapp said: “Our ambitions in China are to serve local Chinese investors, offer Chinese investors the opportunity to invest in Eastspring’s global offshore funds, and also provide global investors with the opportunity to invest directly in China via our onshore investment team.
“Our PFM licence reaffirms our commitment to this important market, providing us with a foundation for the long-term development of our asset management business in China.”
Eastspring already has a joint venture with CITIC Group, which enables it to manage retail funds in China.
At the same time, Eastspring also appointed Michelle Qi to the newly created position of CIO for Chinese equities.
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By GlobalDataBased in Shanghai, Qi will oversee the development of the firm’s onshore equities investment offering in China.
She will report to CIO Virginie Maisonneuve and general manager for China Michael Lu.
Qi joins from Bank of Communications Schroder Fund Management, where she spent 13 years. Previously, she also had a stint at ING Barings Securities.
Prudential Corporation Asia CEO Nic Nicandrou said: “It is anticipated that China’s AUM will triple by 2025, resulting in it becoming the second largest market globally with USD 12.6 trillion in managed assets.
“Expanding our presence in China is central to our long-term strategy in Asia. The establishment of our WFOE and the investment we are making to create a high calibre local team complements our JV partnership with CITIC-Prudential Fund Management Company.”
