China grants Aberdeen Asset Management business licence

[LONDON] British-based fund firm Aberdeen Asset Management has been granted a business licence to operate in China, the British government announced on Tuesday during an official visit to the country aimed at fostering trade and investment links.

The licence was issued to a newly-created Aberdeen subsidiary and will enable the firm to set up an office in China under a pilot free-trade scheme, Britain's business department said in a statement.

"The company will bring fund management expertise from the UK to the second largest economy in the world. I am committed to building relationships like this between our two nations," British business minister Sajid Javid said in the statement.

REUTERS