Geneva-based Pictet Group has opened a new office in Shanghai for its asset management business to expand its presence in China, in what it describes as a milestone for the buy-side house.
Pictet Asset Management has applied with the asset management association of China and the Shanghai wholly foreign-owned enterprise to raise funds from domestic mainland investors in offshore strategies under the qualified domestic limited partners programme.
The firm said an onshore presence in China would complement its overall China strategy, which focuses on schemes such as the renminbi qualified foreign institutional investor programme, Shanghai-Hong Kong stock connect, bond connect, and China interbank bond market direct access.
Pictet Asset Management has also been co-operating with onshore global banks under the qualified domestic institutional investor scheme.
“The expansion into China represents a significant milestone in the 215-year history of Pictet,” said Renaud de Planta, senior partner at Pictet Group. “We are encouraged by the prospect of the country’s asset management industry, which has developed into one of the world’s biggest and fastest growing, thanks to China’s economic strength and its rate of capital accumulation.
“The global macro environment is not without challenges but given the Group’s financial strength and our long-term commitment to the China market, we remain confident that now is the time for us to take this important step.”
In September, UK investment manager Baillie Gifford made a similar move to expand into China with a new office in Shanghai following its approval to operate as a private securities manager.