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Hua Xia Bank teams up with F&C in venture
By Winny Wang |
March 18, 2009, Wednesday
|
Online Edition
Online Edition
HUA Xia Bank Co plans to set up a fund management venture with F&C Asset Management Plc in Beijing to raise funds and manage assets.
The Beijing-based lender will own 70.5 percent of the 250-million-yuan venture and F&C will hold 19.5 percent, it said in a statement to the Shanghai Stock Exchange today.
A Chinese state-owned company is expected to be the third shareholder to hold the balance, the statement said without elaborating.
The venture will be engaged in fundraising, fund sales, asset management and other businesses approved by the China Securities Regulatory Commission, said Hua Xia Bank, which is partly owned by Deutsche Bank.
F&C is a London-based company that manages more than 102 billion euros (US$132 billion) for more than 3 million private and corporate clients.
Alain Grisay, chief executive officer of F&C, said earlier this month that they did not expect to see any financial benefits from the venture in a short term, but it would give them an option when the markets recover.
Nearly a dozen overseas companies including Goldman Sachs, Morgan Stanley and UBS AG have set up fund management firms on the Chinese mainland.
Domestic firms, such as China Western Securities Co, are also seeking to team up with overseas partners to tap international expertise and expand.
China has 61 fund management companies overseeing 446 mutual funds, according to the securities regulator.
The Beijing-based lender will own 70.5 percent of the 250-million-yuan venture and F&C will hold 19.5 percent, it said in a statement to the Shanghai Stock Exchange today.
A Chinese state-owned company is expected to be the third shareholder to hold the balance, the statement said without elaborating.
The venture will be engaged in fundraising, fund sales, asset management and other businesses approved by the China Securities Regulatory Commission, said Hua Xia Bank, which is partly owned by Deutsche Bank.
F&C is a London-based company that manages more than 102 billion euros (US$132 billion) for more than 3 million private and corporate clients.
Alain Grisay, chief executive officer of F&C, said earlier this month that they did not expect to see any financial benefits from the venture in a short term, but it would give them an option when the markets recover.
Nearly a dozen overseas companies including Goldman Sachs, Morgan Stanley and UBS AG have set up fund management firms on the Chinese mainland.
Domestic firms, such as China Western Securities Co, are also seeking to team up with overseas partners to tap international expertise and expand.
China has 61 fund management companies overseeing 446 mutual funds, according to the securities regulator.
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