Schroders has announced it is entering into a long-term strategic agreement with China's Bank of Communications (BOCOM) to further accelerate its business in the world's second largest economy.
The deal seeks to develop asset and wealth management products for Chinese clients, as well as collaborate in the areas of distribution.
The relationship between Bank of Communications and Schroders started in 2005 with the establishment of a joint venture company, Bank of Communications Schroder Fund Management Co., Ltd.
The extended agreement includes the cooperation in public and private fund management products, innovative product development, domestic and cross-border business cooperation, pension, private banking, operations, financial technology, training and knowledge exchange between both firms.
Lieven Debruyne, chief executive officer, Asia-Pacific, Schroders, said: "China is an important part of Schroders' global strategy, both as a source and destination of capital. We have been investing heavily; establishing strategic partnerships and enhancing our China investment capability with skilled on-the-ground investment and research professionals.
Schroders was one of the first foreign asset managers to enter China 25 years ago and has been working with foreign banks since 2007 to provide clients with overseas investment opportunities.