HONG KONG: Barclays is seeking a Chinese banking partner to set up an asset management joint venture in the country, two people with knowledge of the matter said, as part of British lender's plans to expand its footprint in the world's second-largest economy.
The China expansion plan also comes as Barclays is gradually expanding its presence in Asia, reversing a pullback from the region six years ago when it exited its cash equities business and sold its Singapore and Hong Kong wealth management units. "The bank has been strengthening our cross-border corporate and investment bank platform in China, growing in a phased and measured approach," a bank spokesperson said in a statement.
Europe's largest asset manager Amundi has garnered more than US$11 billion of assets from Chinese investors since it became the first foreign-controlled JV to launch operations there in September 2020.Barclays ran US$9.9 billion in retail funds assets as of end-June across more than 110 funds managed by its wealth and investment management units, according to Morningstar data.
In May, Barclays nearly doubled its stake in Barrenjoey Capital Partners to help expand the Australia-based boutique investment bank's business.