Banking group eyes wealth management unit in China

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Standard Chartered is considering launching a standalone wealth management operation in China, according to Bloomberg.

The company is reportedly looking to sell mutual funds to retail investors in the country.

The operation would make it the first foreign bank to fully own a wealth manager in the country.

Reports state that the London-headquartered bank worked with a consulting firm last year on a feasibility study and the plan is under management review and subject to changes.

International Adviser contacted Standard Chartered for a comment, but it did not reply in time for publication.

This comes a day after asset management giant Abrdn confirmed it was seeking a partnership deal to set up a wealth management operation in the Asian country.