Asset Management
Compliance Corner: Aegon, China
A regular round-up of compliance news, such as fines, permissions, new technology solutions and other developments.
Aegon Asset Management
Aegon
Asset Management has signed a memorandum of understanding
with the Shanghai Lujiazui Administration Bureau, the free trade
zone in China, taking the first step towards setting up a wholly
foreign-owned enterprise in the Chinese city.
The move will allow the firm to sell offshore investment products and services to domestic Chinese institutions, and HNW individuals in the country.
The MoU will allow Aegon AM to build on regional links, such as its Chinese joint venture, Aegon Industrial Fund Management Company Limited. Aegon entered into partnership with Industrial Securities in 2008 to provide fund products and asset management services to the local public domestic market.
The new WFOE aims to complement AIFMC’s distribution strategy and investment capabilities, Aegon said.
In 2016, Bridgewater Associates, a US investment management firm,
became the first foreign hedge fund manager to win approval to
set up a stand-alone investment management business in China.
Chinese authorities are trying to bring in more foreign capital –
and curb outflows.
