The wholly-owned Shanghai unit of Pictet Asset Management (Pictet AM) is reportedly set to offer offshore strategies in China.
Pictet AM’s wholly foreign-owned enterprise (WFOE) in Shanghai has registered as a Qualified Domestic Limited Partner (QDLP) Manager with the Asset Management Association of China (AMAC).
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The license will enable the firm to develop and provide QDLP offerings to qualified investors in China to invest in its offshore strategies.
Pictet AM Asia CEO Junjie Watkins said: “The AMAC registration marks another milestone in our long-term commitment to the China market and the continued expansion of our business footprint.
“We look forward to the additional opportunities that allow us to bring our global expertise and product offering to onshore investors, who are increasingly looking for more diversified investments.”
Pictet AM set up WFOE Pictet Private Fund Management (Shanghai) in last November.
According to the firm, the AMAC registration is further accelerates its overall China strategy.
It has been investing onshore for global clients through a number of programmes in addition to collaborating with onshore global banks under the Qualified Domestic Institutional Investor scheme.
Last July, Pictet AM rolled out its first northbound fund under the Mutual Recognition of Funds scheme.
Pictet AM manages more than $274bn for its clients across a range of equity, fixed income, multi asset and alternative strategies.
It offers specialist investment services via segregated accounts and investment funds to pension funds, financial institutions, sovereign wealth funds, intermediaries as well as their clients.
Last October, the company set up its first US office in New York City.
