Eastspring Investments, the $182bn Asian investment management arm of British life insurance and financial services firm Prudential has successfully registered its Chinese wholly foreign owned enterprise as a private fund manager to manage non-retail funds.
The fund management licence will allow Eastspring to offer wealthy individuals and institutional investors investment products covering equities, fixed income and multi-asset segments in the onshore market.
“Expanding our presence in China is central to our long-term strategy in Asia,” said Nic Nicandrou, chief executive of Prudential Corporation Asia, who predicted that China’s assets under management will triple to become the world’s second largest market with US$12.6trn in managed assets by 2025.
“Receiving our private fund manager licence allows us to accelerate our growth in this important market,” he added.
The company has registered the private fund management unit with the Asset Management Association of China (AMAC), it said in a statement, a prerequisite before a foreign firm is allowed to raise capital in that country.
Operating in Asia since 1994, Eastspring is a Asia-based asset manager that manages funding on behalf of institutional and retail clients. It has presence in 11 major Asian markets and distribution offices in the US and Europe.
Prudential, which in July this year agreed to buy 65% of TMB Asset Management from Thai bank TMB as part of its push to grow its Asia fund business, also has a 50/50 life insurance business in China with CITIC.