BNP Paribas, IFC team up with Chinese broker

Shenyin & Wanguo is the next securities firm to make a deal with a foreign fund manager.

Shanghai-based brokerage Shenyin Wanguo Securities has signed a technical agreement with BNP Paribas Asset Management to help develop its fund management business.

It follows on the heels of rivals such as Galaxy Securities, which has teamed up with Schroder Investment Management, and Guotai Junan Securities, which is working with Dresdner RCM Global Investors.

This deal has an added twist the International Finance Corp IFC, the private-sector arm of the World Bank Group, is a co-signatory.

Other foreign fund managers such as ABN AMRO Asset Management, Fleming Investment Management, HSBC Asset Management and Invesco have made similar agreements with Chinese fund management companies instead of brokers because they have greater expertise with funds. Teaming...

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