The Association of the Luxembourg Fund Industry (ALFI) and the Asset Management Association of China (AMAC) have signed a memorandum of understanding (MoU) designed to deepen their collaboration.
The agreement focuses on developing activities to create mutually beneficial opportunities for the fund industries in both countries.
Luxembourg is the second largest investment fund industry in the world after the US and a valuable partner for the Chinese asset management industry in its strive to diversify internationally.
The agreement was signed in Beijing by Marc Saluzzi, chairman of ALFI, and Sun Jie, chairman of AMAC, on the sidelines of a financial mission to China led by the Luxembourg Minister of Finance, Pierre Gramegna.
The cooperation will focus on three main areas covering regular communication, information sharing and member services and will include:
- Exploring the possibility to implement joint programmes, such as meetings, visits and seminars;
- Mutual assistance and the exchange of information relating to regulatory frameworks and investor protection practices for the funds industry; and
- Exploring opportunities for mutual membership referral and organising professional development events for members.
“We are very pleased to have signed this agreement with AMAC, a true strategic partner for ALFI. We look forward to exchanging details about our expertise and best practices for the benefit of all our and AMAC’s members. In the future, as Chinese asset managers may wish to extend their activity outside of China, Luxembourg will constitute an ideal gateway into and beyond Europe. Luxembourg is indeed the leading worldwide domicile for cross-border asset management activities,” says Saluzzi.
“This agreement is a win-win for both industry associations and is testimony to the growing ties between Luxembourg and China. This collaboration will ensure that the asset management industry in China has world-class standards,” says Jie.