UK-based fund manager Schroders has expanded its partnership with China’s Bank of Communications to strengthen its foothold in the East Asian country.
The tie-up aims to facilitate the development of asset and wealth management offerings and their distribution.
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The fund manager’s alliance with Bank of Communications dates back to 2005. In that year, the two parties formed a joint venture that operates under the name Bank of Communications Schroder Fund Management.
Under the new long-term agreement, the pair will work together to support public and private fund management products and innovative product development, as well as domestic and cross-border cooperation.
They will also collaborate on pensions, private banking, and financial technology. Other areas of cooperation include training and knowledge sharing.
Schroders CEO for Asia Pacific Lieven Debruyne said: “China is an important part of Schroders’ global strategy, both as a source and destination of capital.”
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By GlobalDataSchroders forayed into China 25 years ago. Since then they have been investing heavily; establishing strategic partnerships and enhancing their in-China investment capability, Debruyne said.
“Bank of Communications has been a valuable partner to us and with the deepening of our relationship; we will continue enhancing our China capabilities and expanding our presence to better serve our mainland Chinese clients and international investors.”
