BEIJING, May 9 (Xinhua) -- Ten overseas well-known asset management companies such as BNP Paribas Asset Management, Robeco and Mirae Asset Global Investments signed memorandums of cooperation with Lujiazui Financial City on Tuesday, making Shanghai a step closer to be a global asset management center.
At present, 51 international renowned management institutions have established 71 wholly foreign-owned asset management companies in Lujiazui Financial City, and nine of the top ten asset management organizations have settled here, said Wang Hua, vice director of management committee of China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ) and deputy head of Pudong New Area.
According to He Zhao, general manager of BNP Paribas Asset Management (Shanghai), Lujiazui is the financial center of Shanghai and China. With the institutional innovation of Shanghai FTZ, Lujiazui is becoming a regional center for the world's leading asset management companies to develop their business in China, and it is becoming a global asset management center.
Meanwhile, China Central Depository & Clearing Co., Ltd. (CCDC), which is an important national financial market infrastructure providing central registration, depository and settlement services, joined the Global Asset Management Association of Lujiazui as the first special member.
With the further opening of the financial market, foreign asset management institutions can directly participate in China's inter-bank market investment through wholly foreign-owned asset management enterprises, which means that trading of RMB assets by overseas institutions is likely to be moved from offshore to onshore, said Yuan Yefeng, director of financial and shipping division, Lujiazui administration bureau of Shanghai FTZ.
In the future, CCDC Shanghai headquarters would cooperate and communicate with foreign asset management institutions, provide better service for them to invest in China's bond market, help Shanghai to build global RMB product trading platform and pricing center and support Shanghai to be a global asset management center, Yuan added. (Edited by Tong Wei, tongwei@xinhua.org)
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