This comes after USB and Invesco increased its profile within the private fund market in China.

Aberdeen Asset Management (Shanghai), the wholly foreign-owned enterprise of Aberdeen Standard Investments, has secured registration as a private securities investment fund manager with the Asset Management Association of China (AMAC).  This comes after both Invesco and UBS looked to tap into the RMB10 trillion ($1.51 trillion) Chinese private fund market. 

The new private securities fund management qualification enables the WFOE to manufacture and offer onshore private securities investment funds to qualified institutional and high-net worth investors in China, the firm said in a statement.

Although foreign investors have been allowed to launch mutual funds in China through minority-owned local ventures, the government has only recently given them full access to the private fund market, which targets institutions and wealthy individuals. Such moves are designed to open up the Asian country's capital markets.

Aberdeen Standard Investments has had a presence in China for over 15 years. In 2015, Aberdeen Asset Management was one of the first foreign asset management companies to establish a WFOE in Shanghai eligible for undertaking onshore investment management.

“The registration allows us to deliver a stronger proposition and client offering to investors in China and we appreciate the continued support from the China Securities Regulatory Commission and the AMAC,” said Amy Wang, head of China at Aberdeen Standard Investments. “We are dedicated to developing a leading fund management platform, investing more resource on the ground and contributing to the sustainable development of China’s asset management industry. Leveraging our strong Asia-Pacific investment franchise, our immediate priority is to expand our operations in Shanghai and build a robust portfolio management team to facilitate onshore investment and product development.”

This new venture into China is part of the firm’s long term growth plan to maximise its operations within the Asia-Pacific region.