E-Fund Management and State Street Global Advisors (SSGA), the asset management arm of State Street Corporation, has announced the signing of a memorandum of understanding (MoU) to jointly explore strategic opportunities across global markets, including China’s fund management industry.

With the growth of China’s economy and burgeoning middle class, China’s fund management industry has also experience rapid growth. The MoU partners the third largest asset manager globally, SSGA, with over US$2.4. trillion in assets under management; with the third largest in China, E-fund management, with more than 1 trillion yuan under management (as of September 31 2016 and December 31 2016 respectively).

“We are excited to partner with E Fund to craft multi-asset product solutions leveraging our world class capabilities covering virtually every global asset class,” said Lochiel Crafter, executive vice president and head of Asia Pacific, State Street Global Advisors.

“We are delighted to forge this partnership, one that could benefit not only both our firms but also global investors and the industry,” said Sau Kwan, president of E Fund Management.