UK asset manager ABRDN in talks with China Citic to form Joint Venture

Reuters have the report. In brief:

• UK asset manager Abrdn is in advanced negotiations with Citic Bank to establish a joint venture in China's asset management sector, according to sources familiar with the matter
• Abrdn is expected to hold a majority stake in the joint venture
• remainder owned by Citic Wealth, the wealth management arm of Citic Bank
• The two firms have been in discussions for several years about potential collaborations
• Abrdn and Citic Bank declined to comment

Citic Wealth is China’s third-largest bank-owned wealth manager, overseeing approximately 2 trillion yuan ($275 billion) in assets.