KBC Asset Management Opens Office in Shanghai
Belgium-based KBC has officially opened its Representative Office in Shanghai, China, after receiving approval from the China Securities Regulatory Commission. The move follows the recent decision of Chinese banking regulators to allow commercial banks to set up their own fund management companies. According to KBC, efforts are currently underway to select a local partner with which to set up a joint venture fund management firm as required by the related local regulations. With regard to the business development strategy in the Chinese market, KBC said it planned to tap the retail market as its first priority, given that 50 per cent of its global assets under management are derived from this sector.