The asset management joint venture of Hang Seng Bank intends to apply for quota under the qualified domestic institutional investor (QDII) programme, according to Rosita Lee, director of Hang Seng Investment Management and Hang Seng Qianhai Fund Management Company (HSQH).
China’s securities regulator has relaxed joint venture ownership limits for foreign asset managers, further opening the domestic asset management industry to foreign firms.
Sino-foreign joint ventures stand to benefit in China’s tightening regulatory environment thanks to the relative transparency of their products and operations, said Rachel Wang, director of manager research for China at Morningstar.
A winning Chinese AM model is not just about scale but strategic M&A and cooperation with foreign managers, according to consultancy firm Casey Quirk, a part of Deloitte.
Chinese asset managers in cross-border joint ventures find they have to stand out in Hong Kong’s crowded field of fixed income and A-share ETFs.
Wholly-foreign owned enterprises (WFOEs) in China have advantages over joint ventures (JVs) with mainland banks in onshore fund distribution, argue asset managers from Blackrock, Value Partners and ICBC Credit Suisse at the Fund Forum Asia 2017.
China Pacific Insurance Co. (CPIC) announced the acquisition of a 51% stake of GTJA Allianz Fund Management from Guotai Junan Securities for RMB1.05bn ($152m).
Rex Auyeung, who will retire as Principal Financial Group’s Asia chairman in June, believes a corporate culture match is key to his firm’s long joint venture with mainland powerhouse bank CCB.
Part of the Mark Allen Group.
