CBI member, Baillie Gifford, has announced that it has registered a new wholly-owned China unit to manage non-retail funds.
According to a press release issued on Wednesday, Baillie Gifford has registered Baillie Gifford Investment Management (Shanghai) Limited, as a private securities fund manager with the Asset Management Association of China (AMAC). The bank has also received a private fund manager (PFM) licence, that allows it to invest in China’s financial markets on behalf of Chinese institutions and affluent investors.
Amy Wang, Baillie Gifford’s head of China, said that the company had also obtained the required qualifications to conduct business under China’s Qualified Domestic Limited Partnership (QDLP) programme, and would consider other opportunities as China’s market opens. The QDLP programme allows foreign asset managers to raise yuan funds from institutional and high-net-worth individuals for overseas investments. In the statement, Baillie Gifford also announced that it has plans to apply for an investment advisory licence, that would give them access to a broader range of institutions.
Edinburgh-based Baillie Gifford manages $324 billion in assets, including more than $50 billion invested in Chinese companies.
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