The Taiwan Financial Supervisory Commission has granted a securities investments consulting enterprise licence to the UK asset management firm Aviva Investors.

The licence effectively enables Aviva to set up a subsidiary in Taiwan and start offering a wider range of investment products and services to the local market. The granting of the SICE licence comes shortly after the company received a capital markets services licence from Singapore regulators.

"The Taiwan market presents distinct cross border opportunities and we have been keen to expand our presence in this market for a long time,"said Craig Bingham, chief executive for the Asia-Pacific.

Three new products will initially be launched: a mature market fixed-income fund for risk-averse investors, a commodity and resources equity fund, and another that will likely involve real estate opportunities in the region. Prior to receiving the licence, Aviva had been working with Taiwan-based First Taisec to distribute a range of registered Sicav funds in Taiwan.

According to Taiwan regulations, a SICE licence permits companies to sell and manage overseas mutual funds. Its counterpart, the SITE licence, or securities investment trust enterprise licence, allows firms to organise, sell and manage mutual funds.