StanChart Mulls Wealth Management Unit in China Expansion
- First foreign bank to establish own wealth manager in China
- GSAM, Amundi teamed with local lenders for their offerings
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Standard Chartered Plc is considering a standalone wealth management unit in China to sell mutual funds to retail investors, in a move that would make it the first foreign bank to fully own a wealth manager in the country.
The London-headquartered bank worked with a consulting firm last year on a feasibility study, according to people with knowledge of the matter. The plan is under management review and subject to changes, said the people, who asked not to be identified discussing non-public matters.