Asset management giant Abrdn is searching for a partner to launch a wealth management venture in China.
The firm will not be the first company to foray into the developing wealth market in the Asian country, as BlackRock, Amundi and Schroders have all set up operations in China over the last few years.
Douglas Flint, chairman of Abrdn, told Reuters as confirmed to International Adviser: “In the wealth asset management space (in China), we would like to find the appropriate partner.
“Foreign majority ownership partnerships with Chinese institutions is the way that many firms are going in. That’s certainly something that we will look very carefully at.
“The change in regulation allowing greater access to the end consumer has made China a much more interesting market for people that want to deploy resources.”
China’s wealth management market reached around $4.4trn (£3.23trn, €3.87trn) as of September 2021, up 7.8% from 2020.