Aberdeen Standard picks new China head

42

The new business head, Amy Wang, will take up the role on September 1. She has spent a good chunk of her career in China, as chief representative for Franklin Templeton for over a decade and, since 2015, with Pioneer Investments.

Aberdeen Standard Investments is the asset management arm of London-listed Standard Life Aberdeen. The firm is the result of an £11bn merger between Standard Life Investments and Aberdeen Asset Management, completed on August 14. The new firm has total assets under management of around $750bn.

Standard Life Investments has had a presence in China since 2002, while Aberdeen Asset Management opened a representative office in 2008 and established a WFOE in 2015 within the Shanghai Free Trade Zone.

The firm has two main expansion plans in the country. One is launching a qualified domestic limited partnership (QDLP) business, a quota-based investment programme that allows foreign asset managers to help onshore investors with outbound alternatives investments. The second business line will launch after obtaining a private fund management licence in China, which will allow the firm to market existing private funds to onshore investors.

Aberdeen Standard is looking to leverage its WFOE status to target Chinese insurance assets. The licence is still rare for foreign firms in China, having only been granted to a handful of global asset managers including the likes of Fidelity and BlackRock.

“Amy’s deep knowledge and experience of the regulatory as well as market environment will be a benefit as we look to strengthen both our existing relationships with clients in China and build new ones – particularly among sovereign funds, financial institutions and insurance firms,” Alexis Ng, head of distribution for Asia Pacific at Aberdeen Standard Investments, said in the statement. 

Source