UK-based fund manager Schroders has expanded its partnership with China’s Bank of Communications to strengthen its foothold in the East Asian country.
The tie-up aims to facilitate the development of asset and wealth management offerings and their distribution.
The fund manager’s alliance with Bank of Communications dates back to 2005. In that year, the two parties formed a joint venture that operates under the name Bank of Communications Schroder Fund Management.
Under the new long-term agreement, the pair will work together to support public and private fund management products and innovative product development, as well as domestic and cross-border cooperation.
They will also collaborate on pensions, private banking, and financial technology. Other areas of cooperation include training and knowledge sharing.
Schroders CEO for Asia Pacific Lieven Debruyne said: “China is an important part of Schroders’ global strategy, both as a source and destination of capital.”
Schroders forayed into China 25 years ago. Since then they have been investing heavily; establishing strategic partnerships and enhancing their in-China investment capability, Debruyne said.
“Bank of Communications has been a valuable partner to us and with the deepening of our relationship; we will continue enhancing our China capabilities and expanding our presence to better serve our mainland Chinese clients and international investors.”