23 Oct 2018

SINGAPORE (23 October 2018) - Eastspring Investments (Eastspring), the USD 182 billion Asian investment management arm of Prudential plc and one of the region’s largest retail and institutional asset managers1, today announced it has successfully registered Eastspring Investment Management (Shanghai) Company Limited, Eastspring’s wholly foreign owned enterprise (WFOE), as a private fund manager (PFM) with the Asset Management Association of China (AMAC).

In addition to receiving a PFM licence, Eastspring announced it has appointed industry veteran Michelle Qi as Chief Investment Officer, Equities, China. Michelle helped to pioneer onshore investing in China and is well-known for her long-term, sustainable and fundamentally driven approach to equity investing. In this newly created role, Michelle will be responsible for the growth and development of Eastspring’s onshore equities investment offering in China.

Prior to joining Eastspring, Michelle worked at Bank of Communications Schroder Fund Management (BOCOM Schroders) in Shanghai for 13 years as an equity portfolio manager and, most recently, as Chief Investment Officer, QFII and QDII. She previously held Shanghai-based roles at ING Barings Securities.

Based in Eastspring’s newly established Shanghai office, Michelle will report jointly to Virginie Maisonneuve, Chief Investment Officer and Michael Lu, General Manager, China. Michael joined Eastspring earlier in the year from Robeco, where he led their China business for more than 10 years.

The PFM licence enables Eastspring to offer onshore investment products, such as equities, fixed income and multi asset products, to high-net-worth individuals and institutional investors in China.

Nic Nicandrou, Chief Executive, Prudential Corporation Asia, said: “It is anticipated that China’s AUM will triple by 2025, resulting in it becoming the second largest market globally with USD 12.6 trillion in managed assets2.

“Expanding our presence in China is central to our long-term strategy in Asia. The establishment of our WFOE and the investment we are making to create a high calibre local team complements our JV partnership with CITIC-Prudential Fund Management Company. Receiving our PFM licence allows us to accelerate our growth in this important market,” Mr. Nicandrou added.

Guy Strapp, Chief Executive, Eastspring, said: “Our ambitions in China are to serve local Chinese investors, offer Chinese investors the opportunity to invest in Eastspring’s global offshore funds, and also provide global investors with the opportunity to invest directly in China via our onshore investment team.

“Our PFM licence reaffirms our commitment to this important market, providing us with a foundation for the long-term development of our asset management business in China,” added Mr. Strapp.

Eastspring established Eastspring Investment Management (Shanghai) Company Limited, an investment management wholly-foreign owned enterprise (IM WFOE) in March 2018.


1 Eastspring Investments was ranked as the largest retail and institutional asset manager in Asia (ex-Japan, Australia and New Zealand) in Asia Asset Management’s 2018 Fund Manager Survey which is based in assets sourced in the region as of 30 June 2018.

2 According to a Boston Consulting Group report “The Digital Metamorphosis” published in July 2018.


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