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September 23, 2009

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Mirae signs joint-venture contract

MIRAE Asset Financial Group, South Korea's largest mutual fund manager, has signed a contract with two Chinese firms to establish a joint venture in China.

Mirae will invest 25 million yuan (US$3.65 million) in Mirae Asset Huachen Fund Management. Huachen Trust Co will invest 40 million yuan, and Tiantu Capital will contribute 35 million yuan, the group said yesterday.

The venture will submit an application to the China Securities Regulatory Commission to conduct the new business and, if approved, Mirae will become the first South Korean company to enter the Chinese asset management market. Last year, the group won permission to invest in mainland stocks and bonds.

In December 2007, China made it easier for foreign participation in domestic securities companies by allowing more overseas institutions to form joint ventures.

Goldman Sachs, Morgan Stanley and UBS AG are among about a dozen companies that set up fund management firms on the Chinese mainland. At the end of August, China had 60 mutual fund companies, 33 with foreign investment.


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