American asset manager Invesco has secured the nod from Asset Management Association of China (AMAC) to set up a Wholly Foreign-Owned Enterprise (WFOE) in the country.
The licence allows WFOE to launch private securities investment funds in China. These funds will invest in the domestic securities market and will accept investments from seasoned investors.
The asset manager said that the Shanghai WFOE will offer differentiated products and enhanced investment experience to domestic Chinese clients.
Invesco senior managing director and head of Asia Pacific Andrew Lo said: “The private fund manager registration allows us the ability to manage and distribute a wide range of unique investment offerings to China’s vast network of private fund investors.
“The WFOE platform is an ideal complement to our current operations in China and will enhance our ability to deliver investment solutions that meet our clients’ needs.”
Invesco entered the Asian market in 1962, and manages more than $92bn client assets across the Asia Pacific region. In 2003, the company launched first Sino-American asset management joint venture with Great Wall Securities.
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