Prudential’s Eastspring gets China non-retail asset management licence

Photo: Reuters

Eastspring Investments, Prudential Plc’s Asian asset management business, said on Tuesday it had received a licence to set up a wholly-owned unit in China to manage non-retail funds in the world’s second-largest economy.

The company has also registered the private fund management unit with the Asset Management Association of China (AMAC), it said in a statement, a prerequisite before a foreign firm is allowed to raise capital in that country.

The fund management licence will allow Eastspring to offer wealthy individuals and institutional investors investment products covering equities, fixed income and multi-asset segments in the onshore market.

“Receiving our PFM licence allows us to accelerate our growth in this important market,” Nic Nicandrou, chief executive officer of Prudential’s Asia unit, said in the statement.

Eastspring already has a joint venture with CITIC Group that manages retail funds in China, which is expected by asset management research firm Cerulli Associates to account for 49 percent of Asia’s total funds under management by 2020.

Prudential, which in July this year agreed to buy 65 percent of TMB Asset Management from Thai bank TMB PCL as part of its push to grow its Asia fund business, also has a 50:50 life insurance business in China with CITIC.

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Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.