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Wednesday, January 11, 2017

SSgA Scales the Great Wall

News summary by MFWire's editors

One of the biggest U.S. asset managers is making moves into China this year.

Lochiel Crafter
Senior Managing Director, Head of Asia Pacific
State Street Global Advisors (SSgA [profile], the third largest asset manager in the world) and E Fund Management (the third largest Chinese asset manager) signed a memorandum of understanding yesterday "to jointly explore strategic opportunities across global markets, including China's fast-growing fund management industry." P&I reported on the alliance.

Lochiel Crafter, executive vice president and head of Asia Pacific for SSgA, hints at SSgA and E Fund teaming up "to craft multi-asset product solutions ... covering virtually every global asset class." Crafter praises E Fund as a "solid partner with strong local perspectives," with "strong investment acumen, innovative ideas as well as a growing distribution partner."

Yesterday SSgA also unveiled the hiring of HSBC alumnus James Ong as managing director and head of client relationship management for Southeast Asia.

Meanwhile, P&I and the WSJ both report that Fidelity International just cleared a key regulatory hurdle in China, meaning that the firm will be allowed to create products for sale inside China. Fidelity International is the former international arm of Boston-based mutual fund giant Fidelity investments.

SSgA's and Fidelity International's moves come shortly after China's National Development and Reform Commission recently made it easier for foreign investors to invest in financial sectors in China. 

Edited by: Neil Anderson, Managing Editor

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