Legal & General abandons China business license plan, reduces onshore headcount to two.
Legal & General, a British insurer and asset manager, has abandoned plans to obtain a China business license and reduced its onshore headcount by more than half, from around 10 people to two. The company had been considering applying for a QDLP license to sell offshore products to Chinese investors as part of its asset management business push. The remaining team will focus on managing Chinese institutional investors' offshore assets.
March 22, 2024
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