The chief executive of DWS, one of Europe’s largest investors, has dismissed the escalating regulatory crackdown in China as “noise”, arguing the asset management industry should take a long-term view in a country it is betting will deliver vast profits.
DWS first pushed into China more than a decade ago but is now seeking to expand more aggressively as asset managers race to establish a foothold in an economy where the savings market is expected to grow rapidly.
“In China you need a long-term view,” said Asoka Woehrmann, chief executive of the €859bn German asset manager. “All asset management businesses need a long-term view but in China especially. You can’t go there and expect results immediately; it’s an investment for the long term.”
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