22nd Sep 2015 13:27
LONDON (Alliance News) - Aberdeen Asset Management PLC on Tuesday was granted a business licence which will make it easier for the company to operate in the Chinese market.
The FTSE 100-listed fund manager has secured a licence for its newly-created Shanghai-based subsidiary, issued by the State Administration of Industry & Commerce, which will allow the company to create an office in China under its pilot Free Trade Zone.
The licence has been announced for the company to coincide with a UK delegation's visit to China, led by Chancellor George Osborne.
"UK business cannot ignore the structural development of China. It is already the second largest economy in the world and will sooner or later surpass the US. The work undertaken to obtain a WFOE licence is part of our overall strategy to ensure Aberdeen Asset Management is well placed for the next 10 to 20 years," said Martin Gilbert, Aberdeen's chief executive.
Shares in Aberdeen were down 3.6% to 311.40 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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