ABERDEEN Standard Investments, the global asset manager, has said that its wholly foreign-owned enterprise (WFOE), Aberdeen Asset Management (Shanghai) Co. Ltd, has secured registration as a private securities investment fund manager with the Asset Management Association of China (AMAC).

Aberdeen says the approval marks a significant milestone in the firm’s growth strategy, reinforcing its commitment to build a long-term business in China.

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, expanding the breadth and depth of its investment and distribution capabilities in the onshore market.

Aberdeen Standard Investments has had a presence in China for over 15 years, and is currently one of the leading global providers of offshore international investment solutions to Chinese institutional investors. 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.

Martin Gilbert, co-chief executive of Standard Life Aberdeen, says, “China is a strategic focus for our global business, with a fast-growing economy and vast growth potential and opportunities. As the Chinese government continues to reform the financial services industry, we are excited to expand our onshore business to tap into the long-term investment opportunities.”

Amy Wang, head of China, Aberdeen Standard Investments, adds, “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.”