Three Chinese sovereign wealth funds are set to outsource more than $320bn (€203bn) of money-management mandates in the next two years, according to one consultancy, as the UK’s Chancellor of the Exchequer flies to Beijing to entice the state investors to London.

The three largest Chinese funds will spend the next 30 months completing the seeding phase of their long-term investment programmes, according to a new report from Z-Ben Advisors, a Shanghai-based funds consultancy.