Aberdeen Standard Asset Management (Shanghai) Co. Ltd., the wholly foreign owned enterprise of Aberdeen Standard Investments on the mainland, won the approval of the Asset Management Association of China to provide onshore investment advisory services in the country.
That qualification will allow Aberdeen Standard to serve as a subadviser for products offered by fund management companies as well as domestic wealth management subsidiaries of commercial banks, securities companies and futures companies in China, a spokeswoman said.
Edinburgh-based Aberdeen Standard joins other international managers, including Neuberger Berman, BlackRock and Singapore manager Fullerton Fund Management, in garnering the relatively new qualification in recent months.
Foreign managers with local investment management wholly foreign owned enterprises have been restricted thus far to managing money for local high-net-worth and institutional investors. The new qualification opens the door for managing money, on a subadvisory basis, for retail investors as well.