Compliance Corner: Pictet AM Registers As QDLP In China

Editorial Staff 9 August 2021

Compliance Corner: Pictet AM Registers As QDLP In China

The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

Pictet Asset Management, part of Geneva-based Pictet, said yesterday that its wholly foreign-owned enterprise (WFOE) in Shanghai has registered as a Qualified Domestic Limited Partner (QDLP) manager with the Asset Management Association of China. 

Pictet AM first opened its WFOE Pictet Private Fund Management (Shanghai) in November 2020. The QDLP licence will enable it to develop and offer QDLP products to qualified investors in China, to invest in the firm’s offshore strategies. 

“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,” Junjie Watkins, Pictet AM’s chief executive for Asia ex Japan, said.

Pictet AM has been investing onshore for global clients via several programmes, such as the Renminbi Qualified Foreign Institutional Investor (RQFII) programme, Shanghai-Hong Kong Stock Connect, Bond Connect and China Interbank Bond Market (CIBM) Direct Access. The Swiss firm has also worked with onshore global banks under the Qualified Domestic Institutional Investor (QDII) scheme. In July 2020, Pictet AM launched its first northbound fund under the Mutual Recognition of Funds (MRF) scheme.

The asset management oversees more than $274 billion in client money (as at the end of June this year).

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