Eastspring Investments, the Singapore-based Asian investment arm of Prudential PLC, announced it has established an investment management wholly foreign-owned enterprise in Shanghai.
Eastspring CEO Guy Strapp said in a news release Friday that the WFOE will complement the firm's joint venture, CITIC-Prudential Fund Management Co., which serves Chinese retail investors.
Mr. Strapp said Eastspring has begun building a local team to serve high-net-worth and institutional investors while it registers as a private fund manager with the Asset Management Association of China.
Bernard Teo, Eastspring's head of corporate strategy, mergers and acquisitions, was named legal representative of the Shanghai office, while Michael Lu was named general manager designate, the news release said.
Mr. Lu was a managing director and chief representative at Robeco China. A Robeco spokesman couldn't immediately be reached for comment.
