(Yicai Global) March 28 -- Shanghai's financial district Lujiazui strives to have more than 150 international industry-leading asset managers by 2025, according to an official.

Lujiazui aims to grow its asset management sector quickly, Xiao Jian, director general of the local administration arm of the China Shanghai Pilot Free Trade Zone, said during a financial forum yesterday. Pudong, an area where Lujiazui is located, recently published a document to accelerate the building of Lujiazui as a global asset management center.

The eastern city should actively support eligible foreign-funded companies to take the lead in setting up wholly-owned or joint venture institutions such as securities and wealth management firms, funds, as well as insurance and pension managers in Lujiazui, per the document.

Lujiazui will support asset managers to construct international trading platforms while encouraging asset managers to apply to join the pilots of Qualified Foreign Limited Partnership and Qualified Domestic Limited Partnership. The financial district has helped 27 asset managers to secure private equity fund management qualifications, making up almost 80 percent of the nation's total. It has also aided 41 institutions to participate in QDLP pilots.

Words are becoming actions. Xiao's bureau yesterday signed a memorandum of understanding of cooperation with 10 global asset managers, including Boston-based Wellington Management and Goldman Sachs ICBC Wealth Management, as well as international industry bodies and research institutes, including the World Free & Special Economic Zones Federation and Lancang-Mekong Development Foundation, to advance the area's financial ecosystem.

In recent years, Lujiazui has become a key spot for global asset managers to seize new opportunities in the mainland market. Financial institutions from 13 countries, including nine of the world's top 10 asset managers, have established 122 foreign-funded asset management firms in Lujiazui.

Editors: Xu Wei, Emmi Laine, Xiao Yi