SHANGHAI, May 8 (Xinhua) -- Ten global asset management companies have signed memorandums of cooperation with Shanghai's Lujiazui Financial City on Tuesday, to expand their business in China, according to local authorities.
The ten companies, including international bank group BNP Paribas, international asset management firm Robeco and leading independent financial services group Mirae Asset, will expand business in China or start sole proprietor businesses in Shanghai.
BNP Paribas hopes to bring its global resources to the Chinese market through a new wholly foreign-owned enterprise, according to Danny He, an official of BNP Paribas Asset Management China.
Lujiazui, located in Shanghai's Pudong New Area, has become an important financial hub, gathering asset management agencies from across the world.
So far, 51 international asset management companies have established 71 wholly foreign-owned asset management enterprises in Lujiazui.
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