Barclays Plans To Enter This Lucrative $4.3 Trillion Asset Management Market: Report

  • Barclays Plc BCS is seeking a Chinese banking partner to set up an asset management joint venture in the country, Reuters reported citing two people with knowledge of the matter.
  • If successful, Barclays will join the wagon of other financial firms planning to or have started operating in the $4.3 trillion bank-dominated asset management market.
  • The report said that Barclays' majority-owned China asset management venture would be set up via its unit Barclays Investment Managers (BIM), which currently operates in Europe and Japan.
  • A third source said that Barclays recently hired Cherry Zhu in Shanghai to build out BIM's business in China. BIM's products are mainly aimed at institutional investors.
  • Barclays declined to comment specifically on Reuters' query about its plan for a China asset management joint venture but said it has been expanding its presence in the country.
  • In its latest annual report, Barclays said that China was one of the international markets aiming to expand its corporate and investment banking business presence, along with the Middle East.
  • Price Action: BCS shares are down 0.28% at $7.21 during the premarket session on the last check Thursday.
  • Photo via Wikimedia Commons
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