SSGA takes ‘first step’ in China

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The firm has appointed Alex Sun to the newly-created role of Shanghai-based managing director and head of China.

Alex Sun, SSGA

Sun will be responsible for formulating and implementing the business plan of SSGA in China, according to a statement from the firm. He will report to June Wong, head of Asia ex-Japan.

Sun’s appointment comes right after the firm gained approval to set up an onshore investment management WFOE structure in December. Although SSGA is the world’s third largest asset manager, it has only recently joined foreign peer firms that have already established a WFOE.

“Sun’s appointment is the first step for SSGA [in China] as it looks to build its onshore team throughout 2019,” a Hong Kong-based spokeswoman for the firm said, without elaborating.

The firm declined to provide details about its business plan in China. It is unclear whether it aims to have a private fund management (PFM) licence or a qualified domestic limited partnership (QDLP) licence.

A PFM licence allows foreign fund managers to invest in a portfolio of onshore assets and permits the product’s sale to a maximum of 200 domestic qualified investors, which include high net worth individuals and institutions.

A QDLP licence allows foreign managers to raise money domestically to invest in offshore traditional and alternative investments, including overseas equity and bond funds, hedge funds and real estate, within allocated quotas.

Before SSGA, Sun was the assistant general manager at HSBC Jintrust, HSBC Global Asset Management’s China joint venture with Shanxi Trust and Investment Corporation, according to the statement. He spent 12 years with the firm, also serving as head of institutional and wholesale business.

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