(Yicai Global) Sept. 22 -- The Asset Management Association of Shanghai, set up yesterday, intends to build five platforms to promote the high-quality development of Shanghai's asset management industry and help the city become an international financial hub and global asset management center, according to the group’s first president.
The AMAOS, with a first batch of 123 member institutions, will become an important part of making Shanghai a global asset management center, Li Wen said in an interview with Yicai Global today.
The five platforms will be for cross-sector exchange and cooperation, asset management innovation, communication with regulators, international exchange, and financial technology-aided development, he said.
With their construction, Li, who is also chairman of China Universal Asset Management, said the AMAOS will focus on serving the development of the real economy and the needs of wealth management, giving full play to the functions of cross-industry cooperation and exchange, and cross-industry regulatory communication.
The new association will also actively promote capital investment in industries, international capital management cooperation, and financial technology services, he added.
Li also said that the AMAOS will give full play to the advantages of the membership structure of professional asset management service institutions, and foreign capital management institutions, and actively serve as a platform of the three professional committees of industrial services, international exchange and financial technology.
The AMAOS will continue to promote the strategic development of personal pension and investment advisors influencing the future of the capital management industry, to become a pioneer in the innovation and development of China's capital management industry, Li added.
The recent 2022 Global Asset Management Center Evaluation Index Report released by the China Europe International Business School's Lujiazui International Institute of Finance shows that Shanghai's ranking in the index rose from eighth last year to sixth this year, reflecting the city's solid foundation to become an international financial center.
The report also said Shanghai's advantages in the total volume of the financial market and comprehensive competitiveness are obvious. In this context, Li noted that the AMAOS’s establishment follows the development trend of China's real economy and capital management industry.
Editor: Peter Thomas