At the end of December 2021, the firm’s AuM surged over 40% to $112bn, surpassing the $100bn mark two years prior to target.
The company reportedly intends to hire “a few dozen staff across functions including investment teams” in 2022 for its joint venture mutual fund arm, Invesco Great Wall Fund Management.
This unit is said to have accounted for majority of the assets.
Last year, it saw mutual fund inflows of $27.5bn, which includes $12.1bn in 33 new launches, according to company data.
At the end of last year, Invesco and the joint venture had a full-time workforce of over 350 in mainland China.
Bloomberg Intelligence analysts Alison Williams and Neil Sipes said that the firm’s long-term inflows, with strength in China and ETFs are a core indicator of its health.
Invesco head of Asia Pacific Andrew Lo said: “We want to continue to expand our investment capabilities because as we look ahead in China we see opportunities in pension, in cross-border investments, in ESG, and in continued market opening up and liberalisation.
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“We want to catch up with our growth and position for growth.”
Furthermore, Invesco is in discussions to increase its stake in the joint venture from 49% to 51%.
According to Bloomberg, its local partner has given positive signs on the same.
Invesco is now looking to expand its capabilities for new businesses, in areas such as retirement funds, fund of funds and ETFs to investment advisory, Lo was quoted as saying.
“The thing to do is really position to build out those capabilities,” Lo noted.