STANDARD Life Aberdeen has won clearance to sell a wider range of investment products in the fast-growing Chinese market in what it called a milestone success.
The pensions and investments giant has secured the registration required to be able to market funds to investors in China that are developed and managed by staff based in the country for the first time.
The company has been limited to selling funds that were run by staff based outside China.
Edinburgh-based Standard Life Aberdeen said the advance marked a significant milestone in the firm’s growth strategy and reinforced its commitment to building a long-term business in a very attractive market.
The savings and pensions market in China is worth over £6 trillion. The country’s rapid economic growth is fuelling demand for products.
China is opening its financial services market up to overseas firms to help with capacity-building.
Standard Life Aberdeen co chief-executive Martin Gilbert said: “China is a strategic focus for our global business, with a fast-growing economy and vast growth potential and opportunities.”
He added: “We look to further support China’s effort in the liberalisation of its capital markets.”
Standard Life and Aberdeen Asset Management agreed in March to complete a £11 billion merger partly to increase their chances of success in global markets.
The Aberdeen Standard Investments fund management business reckons it is currently one of the leading global providers of offshore international investment solutions to Chinese institutional investors.
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