Lu International (Singapore), a subsidiary of China financial services platform Lufax Holding, has set up a strategic partnership with Schroders Singapore, a subsidiary of global asset management firm Schroders, to create digital wealth solutions for the Southeast Asia market, the two announced today.
Schroders will bring asset management know-how while Lu International, or LUI, will bring digital capabilities, according to a press release. Their “joint solutions” will debut on LUI Singapore’s wealth management platform, before expanding in Malaysia, Thailand and Indonesia. Financial terms weren’t disclosed.
“Digital wealth management will play a big role in the future of investing, given the growing demands of investors in the region, with their digital-led lifestyles and access to vast amounts of information at their fingertips,” said Lily Choh, Country Head, Schroders Singapore.
Lufax, which went public at the New York Stock Exchange last year, is 39% owned by Ping An Insurance, one of China’s largest insurers. Lufax closed on Friday at $12.25 compared with its IPO price of $13.50
LUI announced the Schroders hook-up four days after it launched two Ping An-managed China investment funds in Singapore. “As a major global financial center, Singapore has always been the core and most active investment market in Southeast Asia,” said Chi Kit Chai, head of capital markets and chief investment officer of Ping An of China Asset Management (Hong Kong). “This partnership will further strengthen our brand presence in the Southeast Asia. We also look forward to offering more China investment opportunities to investors in the region in the near future.”
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