Asset manager in Shanghai deal
Aberdeen poised to unveil landmark deal in China
Company representatives are among those joining next week’s trade mission led by Chancellor George Osborne, the Chancellor, and Sajid Javid, the Business Secretary.
A deal is due to be announced on Tuesday, according to Sky News, and will involve gaining a licence ot operate on the mainland. It will be opening an office in Shanghai from where Aberdeen will publish research on companies listed on the mainland’s markets.
Despite recent turmoil in Chinese stock markets, Aberdeen chief executive Martin Gilbert (pictured), who is also a director of Sky, has remained committed to the Asia region.
Aberdeen has shrugged off the market volatility and has been busy buying assets, including last week’s acquisition of London-based Advance Emerging Capital, a specialist investment manager.
It is thought other deals involving British companies on the visit will be announced next week. Barclays, Deloitte, HSBC and Standard Life are all represented on the trip.
In a statement, the Treasury said the Chancellor would argue that “far from backing away from China after the events of the summer, Britain aims to increase cooperation and understanding between the two countries and open up billions of pounds of potential opportunities between what remains the world’s fastest growing major economy and the UK”.