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Baillie Gifford receives China onshore licence

Around 30 foreign managers have been granted the PFM qualification.

Edinburgh-based Baillie Gifford’s wholly foreign-owned enterprise (WFOE) in Shanghai last week received a private fund management (PFM) licence in China, according to records from the Asset Management Association of China (AMAC).

A PFM licence enables foreign entities to develop and sell funds investing in onshore assets to domestic qualified investors, which include institutional and high net worth investors.

Baillie Gifford’s WFOE was established in May last year with a registered capital of RMB 500m ($73.2m), according to AMAC.

The WFOE’s legal representative is Wang Yiwen, who joined the firm in September last year. Before Baille Gifford, Wang used to work at Aberdeen Standard Investments’ WFOE in Shanghai and Vanguard’s office in Beijing, AMAC records show.

FSA contacted the firm for more information, but it was not able to provide additional details as of this writing.

At least seven other foreign firms have also received the PMF qualification this year, including Paris-based Metori Capital Management, Oaktree Capital,  Power Corporation of Canada,  Income PartnersRussell InvestmentsSchroder Adveq and BEA Union Investment.

In total, around 30 foreign asset managers have been granted PFM licences, with at least 86 PFM products having been approved by the AMAC, according to its records.

Baillie Gifford, which manages equity, fixed income and multi-asset strategies, managed and advised around £262bn ($323.75bn)  in assets as of the end of June this year, according to a report from FSA‘s sister publication, Portfolio Adviser.

Part of the Mark Allen Group.