The BNP Paribas Investment Advisory (Shanghai) Co, was registered in the Shanghai Free Trade Zone in April under the wholly foreign-owned enterprise (WFOE) scheme, the asset management arm of BNP Paribas said.
This marks the expansion of BNP Paribas’ presence in China where the firm already has a joint venture with HFT Investment Management.
“The opening of BNP Paribas Investment Advisory (Shanghai) Co. Ltd. further broadens our franchise in China and reaffirms BNP Paribas’ commitment to this growth market,” Vincent Camerlynck, chief executive, Asia Pacific said.
Tan-Feng Cheng, head of Greater China business, added that a WFOE “will allow us to introduce BNP Paribas Investment Partners’ global network and its innovative investment solutions, to meet the growing demands of onshore clients in an increasingly borderless marketplace”.
In a separate development, Morgan Stanley Asia Private Wealth Management, a wholly-owned banking subsidiary of Morgan Stanley, was granted a restricted banking license from the Hong Kong Monetary Authority.
The number of restricted licence banks in Hong Kong is now 21, according to the HKMA.