Bank of Montreal near Chinese Fullgoal JV

The Canadian bank is looking to become an equal partner vis-a-vis Fullgoal''s existing five shareholders.

The Bank of Montreal is negotiating to take an approximately 15% stake in Shanghai-based Fullgoal Fuguo Fund Management, according to sources familiar with the deal. Bank of Montreal will take a small stake sometime in the middle of the year, says a person following the talks. The Chinese and Canadian governments have recently signed a memorandum of understanding, confirming an earlier MOU between Fullgoal and Bank of Montreal.

Fullgoal is among the original 10 fund managers in China, established in 1999. It has around Rmb10 billion $1.2 billion of assets under management from four closed-end funds and one open-ended balanced fund. It has applied to regulators to launch an umbrella fund structure.

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