Bloomberg: China’s Trillion-Dollar Market Promise Beckons Wealth Firms

China officially scrapped the restriction on foreign ownership in Chinese securities firms on April 1st, 2020. Bloomberg reported on the same day that while the further liberalization of the investment banking and money management industries in China has been overshadowed by the coronavirus crisis, wealth firms are nonetheless laying out plans to tap an overall market poised to reach $30 trillion in assets by 2023, according to Oliver Wyman’s report titled China (Re)Entry For Globals.

Jasper Yip, Oliver Wyman’s principal in the Financial Services practice, talked to Bloomberg. Yip points out that one of the biggest questions all foreign players face is where to allocate their resources, since there are so many license options and changing policies. He also believes that asset management could be one of the most competitive sectors because of the opportunities.

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