Exclusive-Abrdn to launch China asset management venture with Citic unit, sources say
Abrdn is in advanced talks with Citic Bank to launch an asset management joint venture in China, two people with knowledge of the matter said, as the British firm looks to bolster its presence in the world's second-largest economy. The discussions follow a warming in British-Sino relations and contrast with decisions by several Western financial institutions in recent years to either cut China jobs or shelve their expansion plans on concerns about the health of the Chinese economy and tensions between Beijing and Washington. Abrdn, the UK's second-largest independent asset manager, expects to hold a majority stake in the venture with the rest owned by Citic Bank's unit Citic Wealth, said the people who declined to be identified as the talks are confidential.
