US-based investment management company Wellington Management is reportedly planning to increase its Asia headcount by 20%.
The move is part of the company’s plan to further expand in Asia by capitalising on the evolving wealth in the region, especially in China, according to a report by South China Morning Post.
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Wellington’s Asia-Pacific client group head Scott Geary told the publication that the company is putting more and more resources in Asia.
He described the region as the ‘independent investment manager’s fastest growing market’ internationally.
Geary added: “We’re very bullish on China. Whether it’s the huge wealth effect or the demographics driving the need for more retirement solutions, we certainly think from an alpha perspective: it is a market that has a high amount of dispersion.”
Wellington primarily advise institutional clients. China’ ongoing shift from a largely retail-driven market to a more institutionally driven market is also expected to help the company, according to Geary.
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By GlobalDataWellington’s global clients attracted towards China due to the increasing inclusion of Chinese stocks and bonds in global benchmarks, he noted.
Boston-headquartered Wellington oversees more than $1trn in assets and has over 2,300 clients in over 60 countries.
Last month, reports emerged about Credit Suisse planning to triple its employee strength in China over the coming three years.
In 2018, Wellington Management introduced its climate strategy to invest in firms that are addressing climate concerns.
The same year, British fund manager Schroders collaborated with the investment manager to introduce a multi-strategy fund on its alternative UCITS platform.
