Schroder Investment Management has received China’s approval to form a wealth management joint venture with Shanghai-based Bank of Communications that will be majority owned by the UK asset manager.
It is the latest foreign company that has tied up with local firms to tap into China’s growing demand for wealth management solutions since Beijing loosened ownership controls in joint ventures in 2018, allowing foreign companies to be the majority partner.
Schroders and Bank of Communications are already partners in an asset management firm, BOCOM Schroder Fund Management Co, which was set up in 2005. But BOCOM owns 65% of that company, with Schroders holding 30%, and the balance 5% held by another Chinese firm.
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By Reuters Staff
3 Min Read
SHANGHAI (Reuters) - Schroders said on Monday it had received Chinese regulatory permission to form a majority-owned wealth management venture with a unit of Bank of Communications (BOCOM), the country’s fifth biggest lender.
FILE PHOTO: The company logo is seen at an office of Bank of Communications in Beijing, China, August 27, 2020. REUTERS/Thomas Peter
The announcement came days after Schroders applied to set up a wholly-owned mutual fund business in China, where the government fully opened up its giant financial sector to foreign companies last year.
“Schroders has long been committed to the Chinese market,” Peter Harrison, Schroders Group Chief Executive Officer, said in a statement.
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Schroders appoints new Australia CEO 1 minute read 11 February 2021
Schroders Australia has appointed a new chief executive with more than 25 years’ financial services experience as it looks to boost its local capabilities.
Sam Hallinan will join Schroders as its new Australia CEO, reporting to Chris Durack, APAC co-CEO. Mr Hallinan will provide a “dedicated, focused oversight of the Australian business” as it strengthens its capabilities across a number of asset classes and builds out its local private debt team.
“We are thrilled to welcome Sam to our team and his appointment highlights our focus and commitment to the ongoing investment in the Australian business. Sam’s experience and proven leadership will add further depth to our management capability as we remain focused on delivering great investment outcomes for our Australian clients,” Mr Durack said.