Schroder & China Bank of Communication Wealth Management Joint Venture Receives Regulatory Approval for Business in China
29th January 2022 | Hong Kong
Schroder and Bank of Communication, the 5th largest bank in China, has received regulatory approval to commence their Wealth Management joint venture business in China on the 26th of January 2022. The joint venture Schroder BOCOM Wealth Management Co. 2 main shareholders are Schroder Investment Management Limited with 51% stake and Bank of Communications Wealth Management Co., Ltd. with 49% stake. The approval came from China Banking and Insurance Regulatory Commission (“CBIRC”), and becoming the 3rd sino-foreign joint venture wealth management company approved for business commencement.
“ Schroder & China Bank of Communication Wealth Management Joint Venture Receives Regulatory Approval for Business in China “
Schroder BOCOM Wealth Management
Schroder BOCOM Wealth Management will leverage the complementary expertise and strengths of both shareholders across multiple disciplines, from client resources, product design, and investment capabilities to risk management. This new company will draw on the Schroder group’s years of experience in using big data to support investment research and decision, and its expertise in multi-asset management to make available a diverse product range. In parallel, the company will also align the positioning of investment strategies to address the risk and return appetite of local investors, with an aim to provide clients with world-class wealth management services.
About Schroders
Founded in 1804, Schroders is one of Europe’s largest independent investment management firms by assets under management. As at 30 September 2021, assets under management were £716.9 billion. The founding family remain a core shareholder, holding approximately 48% of the firm’s voting shares. Schroders has continued to deliver strong financial results. It has a market capitalisation of over £9 billion and employs over 5,500 people across 37 locations. Schroders offers innovative products and solutions across their five business areas of solutions; institutional; mutual funds; private assets & alternatives; and wealth management. Clients include insurance companies, pension schemes, sovereign wealth funds, endowments and foundations. They also manage assets for end clients as part of their relationships with distributors, financial advisers and online platforms.
Schroders’ strategic aims are to grow their asset management business, build closer relationships with end clients and expand their private assets and alternatives business. Schroders’ purpose is to provide excellent investment performance to clients through active management. The business channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders’ business philosophy is based on the belief that if they deliver for clients, they deliver for Shareholders and other stakeholders. Further information about Schroders can be found at www.schroders.com.hk.
About Bank of Communications Wealth Management Co., Ltd.
Bank of Communications Wealth Management Co., Ltd. (“BOCOM Wealth Management”), the wholly-owned subsidiary of Bank of Communications, was inaugurated on 13th June 2019. As the first batch of bank wealth management subsidiaries officially opened, BOCOM Wealth Management is the first company to take over bank’s existing wealth management business through a consignment model, and it has launched banking industry’s first wealth management product completely complies with the new asset management regulations. At present, BOCOM Wealth Management is committed to develop a wealth management product platform which mainly constituted by fixed income products, supplemented by equity, commodities, financial derivatives, and hybrid products. Currently, the total amount of managed products has exceeded 1.1 trillion Yuan. Since establishment, BOCOM Wealth Management have been widely recognized, it has received the Outstanding Contribution Award of Wealth Management in China’s Banking Industry, Outstanding Unit Award for Wealth Management Information Registration, and Jun Ding Award for Close-ended Net Value Wealth Management Products of Banks in China, Best Asset Management Institute Award for Responsible Investment in China, as well as the Golden Bull Award, Golden Wealth Management Award, Golden Tripod Award, and Golden Responsibility Award.
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