Pictet’s asset administration arm joins the wave of overseas fund homes searching for to capitalize on China’s market-opening with the institution of a brand new Shanghai workplace.
Pictet Asset Administration opens an entirely foreign-owned enterprise (WFOE) in Shanghai which is able to allow it to lift funds from mainland buyers into its offshore methods beneath China’s certified home restricted companions (QDLP) channel.
«The worldwide macro setting is just not with out challenges however given the Group’s monetary energy and our long-term dedication to the China market, we stay assured that now could be the time for us to take this essential step,» mentioned Renaud de Planta, a senior associate at Pictet Group.
Product Shelf Buildout
In response to Pictet Asset Administration’s Asia ex-Japan CEO Junjie Watkins, the enterprise unit in China will first concentrate on cross-border investments earlier than growing native funding capabilities.
«We glance ahead to introducing our world experience and product providing to onshore buyers, who’re more and more receptive to diversifying their investments as market uncertainties persist,» mentioned Watkins.
«We’re inspired by the prospect of the nation’s asset administration trade, which has developed into one of the world’s largest and fastest-growing, due to China’s financial energy and its fee of capital accumulation,» de Planta added.