The China Securities Regulatory Commission has approved a fund management joint venture between Shenzhen-based Great Wall Securities and Invesco, a unit of Anglo-American Amvescap. The new unit is called Invesco Great Wall Fund Management.
Invesco is based in Atlanta and this marks the first Sino-foreign funds JV with an American partner that's been approved by regulators. Others may soon follow JPMorgan Chase has announced a JV with Shanghai International Trust Investment, while other players such as Barclays Global Investors are known to be looking for a deal. Nonetheless, to date the approved JV scene has been a European - indeed a Dutch - affair, led by ABN Amro Asset Management and ING...
