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
], 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.
, 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.
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.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now