Are China fund JVs in trouble?

Invesco Great Wall''s debut raised half the assets of predecessors; all eyes will be on Shenyin & Wanguo/BNP.

Has the successful run of Sino-foreign mutual fund joint ventures hit a snag After four JVs rolled out products attracting record-breaking subscriptions, the latest offering, from Great Wall Invesco, failed to keep up. The result has the industry scratching its head to figure out if this was a one-off due to market conditions, or a problem intrinsic to the nascent industry.

The JV's debut involved an umbrella fund with equity, bond and cash components. Distributed by Bank of China, it raised $220 million during its launch period, which ended in October.

Compared to the fireworks earlier JVs produced, It was a damp squib, says a rival.

Invesco officials...

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