ICBC aims to grow assets managed by Hong Kong unit in global expansion push
The asset manager has signed cooperation agreements peers including BlackRock and Goldman Sachs Asset Management Asia
ICBC, the world’s largest lender by assets, aims to expand the scale of assets managed by its Hong Kong asset management unit to HK$300 billion (US$38.45 billion) in three years, tapping the strong demand of overseas asset allocation from China.
The unit, renamed on Thursday as ICBC Asset Management (Global) from ICBC (Asia) Investment Management, would be built as an “integrated global asset management operational platform”, with assets under management to reach HK$100 billion by the end of this year.
“As China’s economy expands, Chinese firms and high-net-worth individuals have a strong demand for global asset allocation,” said Li Dong, assistant chief executive of ICBC Asia, the lender’s Hong Kong-listed subsidiary that owns the asset management unit.
“At the same time, the growth in Chinese enterprises also provides investment opportunities to overseas capital,” said Li.
China’s household financial assets soared 18 per cent last year, making it the world’s second fastest growing country in terms of percentage gains in financial assets, according to a survey by German insurer Allianz.
As China’s economy expands, Chinese firms and high-net-worth individuals have a strong demand for global asset allocation
The unit aimed to become the third biggest mainland Chinese asset manager based in Hong Kong in two to three years, said Li. It also plans to double to triple its staff – currently at 30 – in the same period.