Firm Advises Kuwait Investment Authority on Establishing an Investment Platform in China

11 Dec 2018

Founded in 1953, KIA is one of the oldest sovereign wealth funds in the world, and is also one of the world's largest institutional investors with more than USD 500 billion in assets. In the process of assisting KIA to establish a wholly foreign-owned enterprise (WFOE) dedicated to asset management in Shanghai, Simmons & Simmons team conducted effective coordination with the local government officials from Shanghai Lujiazui Financial City Development Bureau and provided timely assistance to KIA.

The WFOE serves as an effective complement to KIA’s market entry strategy in China. This move marks a further step to collaboration in economic and trade area between China and Kuwait, and also makes KIA one of the first sovereign wealth funds to run its asset management business company in China through an asset management WFOE.

Commenting on the transaction, funds and corporate partner, Melody Yang stated: China's financial sector is constantly opening up to foreign investors. We have seen more institutional investors like KIA as well as asset managers coming to China and expand their asset management businesses here. We are very pleased to advise on this area and to further contribute to their ambitions in China.

The Simmons & Simmons team was led by Melody Yang, a funds and corporate partner based in Beijing. Other members of the core team include Alan Tang (Beijing) and Benjamin Wong (Hong Kong).