More recruits for the business are planned, the firm said.
Eastspring Investments, an Asian firm with $195 billion of assets under management, has officially opened its wholly foreign-owned enterprise in China.
The new office in Shanghai is a full-service investment and distribution office, targeting qualified high net worth individuals and institutional investors in China. It also gives international investors a channel through which to invest directly in China via Eastspring’s onshore investment team.
The latest operation dovetails with Eastspring’s existing joint venture partnership, CITIC-Prudential Fund Management Company, which focuses on the retail market and was established in 2005. Eastspring is the Asian asset management arm of UK-listed Prudential plc, (not to be confused with Prudential Inc, the US business.)
The firm employs 11 people in its Shanghai office, including five investment professionals, and plans to have 20 staff by the end of 2019. Earlier this year, Eastspring named Michael Lu as general manager, China, who joined from Robeco, where he led their China business for more than 10 years. In June, industry veteran Michelle Qi joined Eastspring as chief investment officer for equities, China.
Prudential says it was the first UK life insurer to enter the China market in 2000 with a joint venture with CITIC Group.
“The UK is the largest exporter of financial services globally, with London as the world’s number one international financial centre. UK banks, insurers, managers and fintech firms are at the heart of both the global financial services sector and global trade. Firms like Prudential are at the centre of this and we’re really pleased to have Eastspring Investments, the Asian asset management business of Prudential, opening up here in Shanghai,” John Edwards, British Consul-General Shanghai, said at the office’s launch ceremony.