axa-signs-mou-for-china-fund-jv

Axa signs MOU for China fund JV

The proposed funds joint venture has to win regulatory approval.
Axa Investment Management has signed an agreement with Shanghai Pudong Development Bank and Shanghai Dragon Investment to establish a mutual funds joint venture company.

Anthony Fasso, regional CEO at Axa IM in Hong Kong, declined to discuss the proposed deal because the parties donÆt want to appear to pressure the regulators, which must approve the new business. He says the parties hope to provide details in the fourth quarter.

Nor would he comment on the details of the ownership arrangement because it hasnÆt been approved by the government and ôitÆs differentö.

Shanghai Dragon is an investment company wholly-owned by the Shanghai municipal government.

Sources in Shanghai say SPDB has been vocal about its desire to...
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