Compliance
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
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).
