Chinese mid-size brokerage Orient Securities Co. said Wednesday the country’s securities regulator has approved its plan to set up a private wealth management unit.
Chinese mid-size brokerage Orient Securities Co. said Wednesday the country’s securities regulator has approved its plan to set up a private wealth management unit.
China’s brokerages have been operating wealth management businesses for years but this is the first time the regulator has allowed a brokerage to establish a separate wealth management unit, Orient Securities said in a statement.
Allowing brokerages to set up such units will allow the faster expansion and development of the industry’s asset management business, the firm said. The country’s brokerages managed less than CNY100 billion ($14.6 billion) worth of wealth management assets as of the end of last year, Orient Securities said.
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