The China Securities Regulatory Commission in Beijing has authorized Invesco to establish an asset management joint venture company. Invesco, a unit of Anglo-American investment manager Amvescap, had been engaged in an informal partnership with Shenzhen-based Penghua Fund Management.
But the JV is not with Penghua, but with Great Wall Securities, and it will be called Invesco Great Wall.
Invesco's Asia Pacific CEO Andrew Lo explains the firm has been in talks with Great Wall, also based in Shenzhen, since the second quarter of this year, and once those began, had terminated its cooperation agreements with Penghua.
Invesco had been the second foreign fund manager to sign a technical advisory agreement with a domestic money manager...