PIS expands further into China
Ross Laidlaw
Australia’s largest financial planning group, Professional Investment Services (PIS), has signed a deal with Skandia that gives the dealer group the green light to provide wealth management products in China.
Under the terms of the deal, both parties have agreed to partner their respective company operations in China. Skandia’s local China operations, Skandia-BSAM, will assist PIS’ China business, Bo Jin, which has successfully applied for a licence to sell Chinese investors wealth management products.
Commenting on the agreement, PIS chief executive officer Robbie Bennetts said: “We have had a strong, long-standing relationship with Skandia here in Australia. This is a further representation of the strength of the relationship. We see Skandia as a global partner. Their skills, size and knowledge of the independent market are significant, and its culture aligns well with that of PIS.”
SkandiaAustralia chief executive officer and Skandia-BSAM director Ross Laidlaw said: “PIS is clearly a leader in financial planning distribution in Australia, and now, with their ability to distribute wealth management products in China, their global reach continues to strengthen. We were delighted to leverage our 10-year presence in the China for PIS.”
PIS looks after more than $12 billion in funds under advice. The group now has in excess of 1,100 authorised representatives servicing the clients of over 1,000 associated accountants in Australia.
In March 2006, Skandia became part of the global Old Mutual Group. The combined group has over $550 billion in funds under management across different business units, including insurance, asset management, superannuation and banking.
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