SINGAPORE (9 March 2018) - Eastspring Investments (Eastspring), the USD 170 billion Asian investment management arm of Prudential plc, today announced it has established an investment management wholly-foreign owned enterprise (IM WFOE) in China through a Hong Kong entity.
According to Guy Strapp, Chief Executive, Eastspring, this is a major milestone in Eastspring’s China strategy.
“As a leading Asia-based asset manager, China represents a significant growth opportunity for us. Our IM WFOE will enable us to establish an on-the-ground presence in mainland China and complements our existing joint venture partnership with CITIC-Prudential Fund Management Company.
“This reaffirms our commitment to this important market, providing us with a foundation for the long-term development of our asset management business and enhancing our ability to serve professional investors, both in China and globally,” Mr Strapp said.
In making today’s announcement, Mr Strapp noted, with the approval, we are making the necessary arrangements before Eastspring is open for business, including building a comprehensive Shanghai-based team.
Nic Nicandrou, Prudential Corporation Asia, Chief Executive, said, “China is an important market for Prudential and is central to our strategy for Asia. Its strong economic growth and wealth accumulation, offers an unprecedented opportunity for Eastspring to increase its participation in this growing mutual fund market.”
Eastspring also announced the appointment of its Head of Corporate Strategy, Mergers & Acquisitions, Bernard Teo as the legal representative and Michael Lu as the General Manager designate for the China IM WFOE. Mr Lu joined Eastspring in late February in a consulting capacity. He was previously with Robeco, where he led the China business for 10 years.
The IM WFOE will allow Eastspring to operate an onshore investment management business in China, subject to registration of the IM WFOE with the Asset Management Association of China (AMAC) as a Private Fund Manager. Once the registration is complete, Eastspring will be able to manage and distribute private funds to qualified clients in China.
About Eastspring Investments:
Eastspring Investments is a leading Asia-based asset manager that manages over USD 170 billion (as at 30 June 2017) of assets on behalf of institutional and retail clients. Operating in Asia since 1994, Eastspring Investments is the Asian asset management business of Prudential plc, an international financial services group, and has one of the widest footprints across the region*. We provide investment solutions across a broad range of asset classes including equities, fixed income, multi asset solution and alternatives and are committed to delivering high quality investment outcomes for our clients over the long term. Eastspring Investments is a signatory to the United Nations-supported Principles for Responsible Investment (PRI), a voluntary program which encourages best practice in environmental, social and corporate governance issues.
For more information on Eastspring Investments, please visit: www.eastspring.com
*Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned / indirect subsidiaries / associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
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