The Banker’s Global Asset Management Survey voted London the most attractive global location for relocating or expanding asset management operations, ahead of Hong Kong, Singapore and New York.
But, we are not complacent. We know that Chinese high-net-worth clients have their own unique characteristics.
To succeed, UK wealth managers need to continue to innovate their existing products and services, and to share and learn from their Chinese counterparts like Hywin.
That’s why the opening of Hywin’s UK operation is so timely and visionary.
Hywin Financial Holding Group, under the leadership of Chairman Han – is one of the biggest wealth and asset management companies in China – with over 28 years’ experience serving Chinese highnet-worth individuals and meeting their investment needs.
The knowledge and experience gained in China combined with UK’s wide range of wealth management products will, I am sure, provide new ways for Chinese high-net-worth individuals to protect and grow their wealth.
This is just the beginning and we look forward to more collaborations and dialogues between the UK and China.
At the City of London we welcome and facilitate international collaborations, to champion the UK financial and professional services sector and to support companies like Hywin to grow in London and the UK.
Following the Brexit referendum, the City of London Corporation has been heavily involved in ensuring the voice of the financial and professional services firms is heard in helping to shape the future relationship between the UK and the EU.
As a convenor of different parties, business, governments and regulators, we have an important and unique role to play.
There are three areas we are focusing our efforts on:
First, Mutual market access; the UK needs a bespoke deal for mutual market access that enables UK-EU trade in financial and professional services to continue based on mutual recognition and regulatory cooperation.
Second, Transitional arrangements -Sudden changes to the way businesses trade goods and services as a result of Brexit could cause serious disruption for businesses. The City wants a two phase transition period; first to bridge the gap from UK exit to a new partnership, second to allow businesses to adapt to the new framework once determined.
Third, continued access to skilled labour –the UK’s talent and expertise is a major competitive advantage. To retain its status as a global financial centre, the UK needs continued access to the best people both from the UK, the EU and across the world.
As we focus on developing a new relationship with the EU, we are also focused on building ever greater alliances with China and key international partners.
To this end, we have established a new global export and investment team, dedicated to promoting the UK’s financial services offer overseas, attracting and retaining inward investment to the UK and facilitating overseas trade in China and other priority markets.
We are working hard to ensure that London and the City continue to thrive as the world’s leading financial centre and tonight’s launch is symbolic of the growing partnership between China and the UK.
Thank you once again and congratulations to Hywin, on achieving this great milestone.