GF Fund Management, a Chinese asset manager with $48 billion of assets under management, has opened an office in London as part of a drive into the European asset management market.
The firm – which has offices in Beijing, Guangzhou, Shanghai and Hong Kong – will operate in Europe as GF International Asset Management.
According to the firm, GF International is the first wholly owned Chinese asset manager to establish itself in Europe.
London was the “obvious” choice for establishing a European presence London is the largest offshore renminbi hub outside Hong Kong and offers “unparalleled access to the international investment community”, says the firm.
GF International will focus on providing access to Chinese assets and advising global institutions that have China investment quotas.
Chuanhui Lin, chief executive officer of GF Fund Management, says: “Our company’s establishment in the UK bridges investment management between China and Europe. The strong growth of the Chinese economy presents exciting prospects for European clients. Additionally, as Chinese investors become more sophisticated, their need for global diversification is increasing.”
Miller Guo, chief executive of GF International, says the firm’s localised European team and products will help investors seize opportunities in China in a way they are familiar with.
In March this year, Harvest Global Investments (UK), a wholly owned part of China's Harvest Fund Management which is majority owned by Chinese holders, set up an office in London after gaining regulatory approval.
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