First State applies for China fund JV

CSRC''s green light for a deal, reportedly with Hantang Securities, is expected shortly.

First State Investments, a unit of Commonwealth Bank of Australia, is awaiting the China Securities Regulatory Commission's approval for a fund management joint venture application with a Shenzhen-based broker that sources have identified as Hantang Securities.

Ian Jenkins, Hong Kong CEO at First State, acknowledged that First State hopes to get the nod soon from the CSRC but would not confirm the JV counterparty. He says the firm's broad strategy is to grow a presence in North Asia, particularly in China.

We believe the industry in China is a staggering opportunity, Jenkins says. It's right at the start of developing the capital markets. Alternatives for wealth accumulation are limited. As pensions...

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