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Pictet AM expands China onshore presence

Exterior view of the headquarters of the Pictet private Bank, in Geneva, Switzerland, Monday, May 7, 2012. Pictet & Cie, Switzerland’s largest closely held private bank, said it’s not a target of a U.S. tax- evasion probe after Swiss media suggested the firm may be under investigation. (KEYSTONE/Salvatore Di Nolfi)

Pictet Asset Management has announced the opening today of a wholly foreign-owned enterprise (WFOE) in Shanghai, marking a first step towards growing in onshore China. Upon registration with the Asset Management Association of China (AMAC), the Shanghai branch will be able to raise funds from domestic Chinese investors to invest in Pictet AM’s offshore strategies through the Qualified Domestic Limited…

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