The Italian bank is busy hiring as it prepares to launch a wealth management business in China next year, its first in Asia. It already holds stakes in local firms, but will face fierce competition.
The city plans to raise permits for its cross-border investment scheme to 15 this year as competition intensifies with Shanghai and Qingdao, which offer similar programmes.
Five foreign fund managers have been given $100 million quotas under Shanghai's alternatives investment scheme. The new QDLP batch is more diverse and includes real estate managers and funds of hedge funds.
Extending the alternative investment programme for foreign fund houses from Shanghai to Qingdao may stir up provincial rivalry, argues an analyst from Z-Ben Advisors.