The Alternative Investment Management Association (Aima) has signed a Memorandum of Understanding (MoU) with the Asset Management Association of China (Amac) to bolster the relationship between the Chinese and international fund management industries.

The MoU, which was signed in Beijing on June 18, is the first of its kind signed by Amac with an international organisation.

The MoU includes areas of future cooperation between the associations and highlights their joint commitment to strengthening the exchange and cooperation of the Chinese and international fund management sectors. 

Jack Inglis, Aima CEO, said the move underscored his association’s “commitment to engaging with industry professionals, regulators and policymakers in China and the region” and added that Aima had taken a “very strong and active interest in China for some time”.

“A number of our existing members have established offices within the PRC and there is considerable interest from firms within the domestic industry to join AIMA. Our most important educational paper, AIMA’s ‘Roadmap to Hedge Funds’, has been translated into Chinese, while our largest National Group globally, AIMA Hong Kong, has been actively engaged in China for a number of years.”

Dr Sun Jie, Amac chairman, said that Amac would look forward to jointly building up an exchange platform for onshore and offshore industry participants as well as facilitating the “sound and sustainable development of the hedge fund industry in China.”

He added: “As the main trade association of China’s asset management industry, Amac has been developing close cooperative relationships with international counterparts and we are pleased to celebrate our strong relationship with Aima through the signing of our first international MoU with them.

“In June 2013, the Funds Law was extended to cover non-public funds; and after the ‘nine-points’ policy issued by the State Council, the hedge fund industry in China is facing a historic market opportunity and huge development space.”

The MoU signing was part of a five-day trip to Beijing by senior Aima representatives during which Aima was also appointed to Amac’s newly-formed International Partners Committee (IPC).