abrdn seeks China wealth management partner

abrdn is seeking a partner in China for its foray into the wealth management business, its chairman said, potentially joining a growing list of global financial firms eyeing a bigger share of that market.

Reuters reports that Douglas Flint, chairman of abrdn said that  "in the wealth asset management space (in China), we would like to find the appropriate partner."

"Foreign majority ownership partnerships with Chinese institutions is the way that many firms are going in. That's certainly something that we will look very carefully at," he told Reuters.

Abrdn was among the first batch of foreign fund managers to establish a fully-owned investment management unit in China in 2016 which can only serve professional investors. It also owns a 50% stake in a local insurance unit established in 2003.