Asset management summit seeks to drum up new business
The Global Asset Management Forum Shanghai Summit Suhewan recently took place in Jing’an, aiming to build a communication platform between asset managers and market-supervision departments.
The summit — the first partnership between Jing’an and the Global Asset Management Forum — was held at the former location of China’s first modern chamber of commerce on the northern bank of Suzhou Creek.
A century ago, the area was the cradle of commerce and finance in the city. Founded in 1912, the chamber assisted in drafting China’s first business laws and opened the nation’s first arbitration office, commodity exhibition center, business library and retail mall.
Today, the chamber is trying to restore its former glory.
According to the district government, the summit will help promote the name and influence of Jing’an while attracting more financial service and industrial companies to the area.
“The financial service sector has become a major economic driver for Jing’an,” said Yu Yong, Party chief of the district.
He added that Jing’an is primed to become a hotbed for service providers from around the globe and turbocharge the city’s plan to become a global asset management center.
Wang Hua, the district director, said he welcomes people from across the world to experience Jing’an’s world-class, business-friendly environment.
As such, Jing’an officials will continue to seek out financial and innovation companies while promoting its program to attract more professional service agencies and regional headquarters for multinational companies.
Jing’an District Deputy Director Zhang Jun said Jing’an has natural advantages that appeal to asset-management companies. It has created a well-developed, high-end service sector with domestic giants Guotai Junan Securities and SAIC Capital, multinationals Pfizer Investment and L’Oreal China, and the local XNode Innovation Accelerator, among others.
Nearly 20 high-end office buildings stand along Nanjing Road W., in addition to an emerging financial hub along Suzhou Creek. Under the plan, the area will add nearly 1 million square meters of office space — including five office buildings of more than 200 meters tall — within five years.
By the end of 2019, close to 350 licensed financial institutions had set up shops in Jing’an, including 56 banks and 66 financial securities firms.
Qian Feng, executive chief officer of asset-management heavyweight AllianceBernstein’s China branch, said many overseas companies choose to enter the Chinese market via Jing’an.
“We locate our Chinese headquarters in Jing’an because of its convenient transportation and supporting facilities,” Qian said. “It’s a good place for working and living. More importantly, Jing’an provides a good development ecosystem for asset-management businesses. Many professional service agencies and companies in our industry have also landed in Jing’an.”