Build a global asset management center, and Shanghai Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) will add weight. On March 3, Shanghai Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) financial city held a dialogue with the international trust and asset Planning Institute (hereinafter referred to as step). The Council of Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) financial city signed a memorandum of strategic cooperation with step. The two sides will jointly explore the social wealth management and resource allocation functions of the trust, help the development of wealth trust and planning in China, and provide a global perspective and development opportunities for the industry.
Founded in London in 1991, the international trust and asset Planning Institute (step) is a global organization in the field of family trust and wealth inheritance planning, and it is also the largest and most influential professional organization in this field. At present, step has 110 branches in 104 countries and regions, with more than 22000 registered members (14000 full members of TEP). Members include lawyers, accountants, tax planners and wealth management professionals.
In an interview with reporters, Li Xianming, senior partner of jintiancheng law firm and co chairman of step China Council, said that the construction of a more influential and high-level international financial center in Shanghai is inseparable from the high-quality development of asset management and wealth management industry, “According to the statistics of Puyi standard, the scale of asset management funds in Shanghai exceeded 39 trillion yuan in 2021, accounting for more than 30% of the country. How to make good use of the trust system and do a good job in wealth management is of urgent practical significance.”
Wealth trust is a systematic project, which needs the supporting support of legal system, financial infrastructure, cultural concept and talent team. “China started late in this regard, and theoretical research and talent training can not meet the needs of market development.” Li Xianming said, “this dialogue and signing hope to enhance and promote the upgrading of Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) in wealth trust and inheritance software facilities in future cooperation, which is also an important part of Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) building the core functional area of the global asset management center.”
In May last year, the Shanghai municipal government issued several opinions on accelerating the construction of Shanghai Global Asset Management Center. As the core functional area of the global asset management center, the Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) financial city plays an important role in China’s wealth management market.
In an interview with reporters, the relevant person in charge of Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) Administration Bureau of Shanghai Free Trade Zone said that Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) will promote the institutional opening of rules, regulations, management and standards in the future and support the innovation of wealth management products and services; Provide support and assistance to wealth management institutions, relevant law firms, consulting and other upstream and downstream institutions, and promote cooperation and exchanges between Chinese and foreign wealth management institutions; Vigorously attract overseas talents in the field of wealth management and provide all-round talent supporting services; Strengthen cooperation and exchanges with international wealth management centers such as London, New York and Singapore, and provide a global perspective for trusts to participate in the management and distribution of social wealth.
Yang Chao, member of the Standing Committee of the Pudong New Area District Party committee and deputy head of the District, revealed that as an important bearing area for the construction of Shanghai international financial center, Pudong will continue to expand its opening to the outside world in the next step. With the help of the policy advantages of leading the district’s opinions in strengthening financial opening, we will explore and promote the pilot in the fields of green finance, financial center and cross-border capital management.
Up to now, Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) has gathered more than 6000 Chinese and foreign financial institutions, including 925 licensed financial institutions such as bancassurance, accounting for 60% of the city. It has 40% of foreign legal person banks, 36% of Sino foreign joint venture public fund management companies and 23% of insurance asset management institutions in China. 87% of futures companies and 76% of securities companies in China have institutions in Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) . At the same time, Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) has become an important gathering place for international asset management institutions in China. 76 international asset management institutions have established 112 foreign asset management companies in Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) including 27 foreign private fund managers.
