ING Investment Management and China Merchants Securities have announced that they have received approval from the China Securities Regulatory Commission CSRC to establish a joint venture fund management company in China.
The proposed name of the joint venture is China Merchants Fund Management Company. Based in Shenzhen, ING says that operations are expected to begin in the first quarter of 2003. The new company will have a registered capital of RMB100 million.
China Merchant Securities will own 40% of the company, ING will have a 30% holding, China Power Finance Company, China Huaneng Finance and Cosco Finance will each hold 10%.
Chris Ryan, regional director for North Asia at ING Investment Management, says the...