Edinburgh asset management giant Abrdn and China Construction Bank, the second largest bank in China, signed a memorandum of understanding during the China International Import Expo in Shanghai “aiming to further strengthen multi-dimensional cooperation in asset management business.”

Abrdn said the scope of the initial cooperation between the two parties includes sharing insights on global financial markets as well as jointly exploring the potential for cooperation in various areas such as international asset management, investment advisory and pension finance.

Betty Mao, head of China at Abrdn, said: “We are pleased to continue and strengthen our strategic partnership with China Construction Bank. Having the local and global knowledge, expertise, experience and strengths, we will explore and deepen cooperation in areas such as China and global investment products, sustainable development investments, global financial market practices, by seizing the opportunities arised from Chinese capital market opening. Abrdn will continue to leverage our global investment expertise, including our knowledge of ESG and pension finance, to contribute to the future development of China’s asset and wealth management industry.”

Abrdn manages and administers £496 billion of assets for clients, as at June 30, 2023. Its investments business manages £368 billion on behalf of clients – including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.