The UK asset manager and Chinese bank said they intend to co-operate on a number of fronts.

UK asset management company abrdn and China Construction Bank, the second largest bank in China, have signed a memorandum of understanding to explore areas including international business.

The groups will consider sharing insights on global financial markets as well as jointly exploring the potential for cooperation in various areas such as international asset management, investment advisory and pension finance, abrdn said in a statement. (The firm changed its name from Standard Life Aberdeen in 2021.)

“Having the local and global knowledge, expertise, experience and strengths, we will explore and deepen cooperation in areas such as China and global investment products, sustainable development investments, global financial market practices, by seizing the opportunities that arise from Chinese capital market opening,” Betty Mao, head of China at abrdn, said. 

The UK firm has invested in the Chinese market for 30 years. It was one of the first global asset management companies to set up a wholly foreign-owned enterprise (WFOE) in 2015 and set up a qualified domestic limited partnership (QDLP) enterprise in 2018, providing global investment solutions for domestic professional investors.

As at the end of June, abrdn had managed and administered £496 billion ($618 billion) of assets for clients. China Construction Bank, which is listed in Hong Kong and Shanghai, is based in Beijing.