The first Sino-foreign joint-venture in the Chinese wealth management sector has just officially commenced operation in Shanghai.
Huihua Wealth Management Co., Ltd. (汇华理财有限公司) unveiled the sign for its offices in Shanghai at an official ceremony held on 30 September.
Huihua Wealth Management is a joint venture between BOC Wealth Management – a fully invested subsidiary of Bank of China (中银理财), and French company Amundi – Europe’s largest asset manager with 1.653 trillion euros of assets under management as of the end of 2019.
Shanghai mayor and deputy party chair Gong Zheng (龚正) said that Huihua Wealth is the first Sino-foreign wealth management company to officially commence operation, marking a major breakthrough for the external opening of the Chinese financial sector.
“Amundi and Bank of China jointly investing in Huihua will add new vitality to Shanghai’s development as a global asset management centre and international financial centre,” said Gong.
Huihua Wealth’s main business operations will include the issuance of publicly offered wealth management products and privately offered wealth management products, as well as wealth management advisory and consulting services and other asset management-related operations.
Huihua Wealth said that it will focus on development of the four core capabilities of “digitised platform-driven investment research,” “systematic risk control,” “personalised product innovation” and a “client-guided services system.”