HSBC may form funds JV with BoComm

Questions abound about strategy as HSBC enters its second mainland China funds joint venture.

The funds management industry in China is roiled with rumours that HSBC is going to announce a funds joint venture with Shanghai-based Bank of Communications.

HSBC negotiated a 20% stake in BoComm, the nation's fifth largest lender and its biggest private bank, this summer at the same time as HSBC Asset Management was looking for a local partner to launch a funds operation. HSBC AM had been on the hunt ever since Blair Pickerell had joined as its CEO in the spring of 2003. That objective was finally realized this autumn when HSBC AM teamed up with Shanxi Provincial Trust.

Since that time, the Chinese Securities...

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