The Lujiazui Financial City High-end Wealth Management Base, located on the 42nd floor of Shanghai Tower, is set to open in August, Pudong Times reported on July 19.

The base, designed to host world-leading wealth management institutions, is the result of a deal reached by Shanghai Tower and Lujiazui Financial City Management Bureau on April 29.

It consists of two parts. One part includes 12 offices, containing three to seven desks each. The other part is a public area, including meeting rooms, reception rooms, entertainment areas, and multi-functional halls.

Xu Jing, an official from Lujiazui Financial City Management Bureau, said that the base will serve as an efficient and convenient platform for overseas wealth management, asset management, and fintech-focused institutions and industry organizations. The base will enable them to learn of China's financial and capital markets and Shanghai's business environment, helping them expand their business in Shanghai or China faster and more easily.

More than 10 foreign-funded asset management institutions including London-based Alternative Investment Management Association are set to move into the base.

Later, Lujiazui intends to bring in more leading industry organizations, law firms, accounting firms and consultancies to better serve foreign-funded asset management institutions.

Currently, Lujiazui has developed into a hub for world-leading wealth management institutions. Up to 40 such institutions from over 10 countries including the US, the UK, France and Japan have set up subsidiaries or intend to do so in Lujiazui.

Eight of the top 10 global asset management institutions such as BlackRock, Fidelity International and JP Morgan have located their wholly foreign-owned enterprises to Lujiazui.

The fruitful results are attributed to the area's opening up policies and considerate services for such institutions.

According to its officials, Lujiazui will continue to attract more top-rated institutions to further enrich its financial market system.

Also, Lujiazui will learn from advanced overseas experiences to align its financial system with international standards, and push forward investment facilitation, free trade, finance internationalization, and innovate its supervision system, so as to form a legal, international and convenient business environment.