British wealth manager SJP eyes China’s growing pension market, details retirement risk for Hong Kong’s ‘sandwiched generation’
- London-listed St James’s Place is looking for a chance to expand into China’s pension market, either through a joint-venture or on its own
- The company also released research showing Hongkongers with multi-generational responsibilities are being squeezed by inflation and slower growth
Meanwhile, the firm on Wednesday released research that underlines the need for early retirement savings among Hongkongers who are experiencing rising financial pressures amid economic uncertainty and the need to support both their parents and their children.
London-listed SJP, one of the largest among its peers in Britain, is looking for ways to enter the Chinese pension market and bring its experience to the mainland, said Matthew Deeprose, head of business at St James’s Place Hong Kong.
“The growing wealth, the growing population in China, the challenges that population would no doubt face as it ages – it’s a very attractive market for us, so we’re looking at it very closely,” he told the Post. “We may well enter it ourselves or with a JV [joint-venture] at some future point.”
The company, with more than £154 billion (US$194 billion) under management, is considering options such as setting a JV with a bank or a wealth-management firm, or launching pension products on its own if it can obtain regulatory approval, Deeprose said, declining to disclose further details. “China is the biggest market opportunity,” he added.
