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在线翻译:
szdaily -> Markets -> 
Pictet Asset Management opens Shanghai unit
    2020-11-24  08:53    Shenzhen Daily

GENEVA-BASED Pictet Group’s asset management arm announced the opening of its Shanghai subsidiary yesterday, becoming the latest global money manager to tap China’s fast-growing fund market.

Pictec Asset Management plans to start its Chinese onshore operations by raising Chinese money for overseas investment, before gradually developing local investment capabilities, the company said in a statement.

“The expansion into China represents a significant milestone in the 215-year history of Pictet,” said Renaud de Planta, senior partner of the Pictet Group.

“We are encouraged by the prospect of the country’s asset management industry, which has developed into one of the world’s biggest and fastest-growing, thanks to China’s economic strength and its rate of capital accumulation,” he said.

Undeterred by the COVID-19 pandemic that has hammered cross-border travel, foreign asset managers including PIMCO, Baillie Gifford and Russell Investment have registered with the Asset Management Association of China this year, preparing to launch private funds locally.

In addition, global players including BlackRock, Fidelity International and AllianceBernstein have also applied to set up wholly-owned mutual fund units in China, after the country scrapped foreign ownership restrictions in the sector April 1. (SD-Agencies)

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