Asset management giants expand presence in Lujiazui

The Lujiazui Financial City global asset management signing ceremony is held in Shanghai on May 7. [Photo/eastday.com]

As Shanghai furthers its opening-up in the financial sector, global asset management organizations and enterprises are accelerating their presence in China.

Ten well-established overseas asset management companies signed memoranda of understanding on cooperation with Lujiazui Financial City in Pudong New Area on May 7, a crucial step in expanding their businesses and creating a sound asset management ecosystem in Shanghai.

The 10 newly-settled intuitions include French banking giant BNP Paribas, Netherlands-based asset management company Robeco Group, and South Korean leading independent financial services group Mirae Asset Financial Group.

Currently, 51 globally renowned asset management institutions have established wholly foreign-owned companies in Lujiazui and nine of the top 10 global asset management institutions have settled there.

"Lujiazui is turning into a regional center for world-renowned asset management companies to expand China's businesses, which is why we established a wholly foreign-owned enterprise," said He Zhao, head of the BNP Paribas Shanghai.

Lujiazui is equipped with professional service personnel who are proficient in local policies and business, according to a senior official from CarVal Investors.

"Over the next few years, Pudong will continue to deepen reform and innovation within the China (Shanghai) Pilot Free Trade Zone, carry out pioneering opening-up measures in the financial sector in a bid to attract more financial institutions, and provide them with an optimized business environment," said Wang Hua, deputy head of Lujiazui Financial City Development Bureau.