Richer the Third
Foreign-controlled wealth management venture number three has regulatory clearance to launch in China.
Schroders PLC will be JV-ing with long-time partner Bank of Communications, China’s sixth largest commercial lender, to address a potentially massive market, one which Raffles Family Office claims has but a picayune 3% market penetration.
Schroders, with assets in the $650b range, joins Paris-based Amundi Asset Management , and the monolithic BlackRock, as the third company to offer the world’s second-largest market for equities, a range of wealth management strategies and products.
“Given the potential and lack of penetration, wealth management is not an opportunity for financial giants only,” claims Edward Lehman. “China’s ever-burgeoning wealthy class grows more sophisticated by the day. There is no reason smaller wealth managers and asset management groups cannot find a sizeable, profitable customer base for their services.”
“The prospect of foreign investors having access to Chinese assets is equally exciting,” adds Jimmie Jeremejev..