Twelve world-renowned asset management institutions including US-based State Street Corp and Two Sigma Investments LP are announced to land in Lujiazui, Shanghai's financial hub, according to deals signed at the Global Asset Management Summit on Nov 12. [Photo/WeChat account: lujiazuijrc]

Twelve world-renowned asset management institutions including US-based State Street Corp and Two Sigma Investments LP will land in Lujiazui, Shanghai's financial hub, according to deals signed at the Global Asset Management Summit on Nov 12.

The State Street Corp is the world's third largest asset management institution and Two Sigma is a world leading hedge fund firm.

The arrival of these top international financial institutions in Shanghai helps strengthen the city's global financial resources allocation capacity.

At present, 41 top international financial institutions have set up 56 asset management subsidiaries in Lujiazui, and nine of the world's top 10 asset management firms have landed there.

Lujiazui Financial City, a core area for Shanghai's international financial center, will grasp the opportunities brought by the opening up of financial services industry and work hard to create the optimal environment for financial development.

The Global Asset Management Association of Lujiazui was inaugurated at the summit, with 46 institutions becoming its first batch of members which include subsidiaries of 31 leading asset management firms and 14 professional service agencies such as the Hongkong and Shanghai Banking Corp, Haitong Securities, and Llinks Law Offices.

The association is expected to promote the exchanges and self-discipline of the asset management industry, and become a bridge between asset management firms and supervision institutions and the local government.

The launch of the association was partly attributed to the 25 measures to expand financial opening up released by the Shanghai Free Trade Zone this July, which mentioned supporting foreign-invested asset management firms and investors to co-build a Lujiazui asset management association.

Thanks to the opening up policy, more global asset management institutions are coming to China, to Shanghai and to Pudong. Officials said Lujiazui will strive to build a fair and more efficient business environment, and help foreign-invested asset management institutions with business license applications and business expansion.