(Yicai Global) Nov. 13 -- Over forty financial firms, including US State Street and The Vanguard Group, have participated in a new Shanghai-based asset management alliance to open to more business in China.

The financial district of Shanghai has set up the Global Asset Management Association of Lujiazui which aims to help global asset managers to enter the Chinese market, Yicai Global's sister publication called Yicai reported today. 

Some 46 institutional members have joined, and 31 of those are wholly foreign-owned enterprises. The Vanguard Group's Chinese unit will head the group as its president. Bermuda-based Fidelity International, British Standard Life Aberdeen, and the Chinese unit of Germany's Allianz will control the seats of vice presidents.

Some domestics firms such as HSBC, Haitong Securities, China Merchants Securities, and Llinks Law Offices will also join the group.

The alliance will promote exchanges within the sector, help the government to offer efficient policies, as well as enable financial agencies to integrate and promote their services. The association will push forward the internationalization of the redback, and devote itself to the Belt and Road initiative, which is a Chinese investment plan to link up former Silk Road countries.

The Lujiazui Financial City will spare no efforts in securing a fair and efficient business environment to build a brand around Shanghai's prowess in services, a spokesperson from the Lujiazui bureau of the Shanghai Pilot Free Trade Zone said.

Editor: Emmi Laine