In the last two years, more than 30 global asset managers have been
awarded licences to set up wholly-owned units in China as they sought a
share of the country’s $1.5 trillion (£1.12 trillion) private fund
management market.
Yet only about half a dozen of those asset managers
- a group that includes the likes of Aberdeen Standard Investments,
Invesco and Vanguard - have so far managed to come closer to getting
their first funds off the ground.
One of the
biggest problems holding the others back is an acute shortage of
qualified and experienced financial sector professionals in the world’s
second-largest economy, said people familiar with the matter.
In
the newly opened-up private fund management business for instance,
China requires senior executives to undertake written tests conducted
only in Mandarin, said lawyers advising foreign fund managers.
Vanguard, which launched a wholly foreign-owned enterprise in Shanghai
in May this year, said it was hiring more local talent and was confident
of giving Chinese investors the “best chance for investment success
with a highly experienced team”.
No comments:
Post a Comment