Aberdeen to sign key China deal despite slowdown fears-reports

Manager will gain stronger platform to grow presence

Aberdeen has shrugged off recent turmoil in Chinese stockmarkets as it prepares to become the first British fund manager to gain a key licence from Beijing to operate on the Chinese mainland.

According to Sky News, Aberdeen will seal a deal with Chinese authorities this week as part of a trade mission to China led by Chancellor George Osborne and business secretary Sajid Javid. Alex Boggis, Aberdeen's head of Greater China, is expected to sign the agreement on Tuesday, according to Sky's sources. Treasury insiders said Aberdeen's business in China would become incorporated as a Wholly Foreign-Owned Enterprise (WFOE), which would give the asset manager a stronger platform to expand its presence in China. According to the report, Aberdeen is expected to open a full office...