Tuesday, October 11, 2005
China's CITIC sets up jv fund management company with Prudential
BEIJING (AFX) - China International Trust and Investment Corporation (CITIC)and UK's Prudential PLC have set up a joint venture fund management company, the China Securities Journal reported. The newspaper said CITIC takes a 33 pct share in the venture, which is called Xincheng Fund Management Co Ltd. Prudential also gets 33 pct. The report did not explain which firm or firms took the remaining 34 pct. It will be the third fund management Sino-foreign joint venture since China opened its funds market to foreign financial institutions under its accession commitments to the World Trade Organization. No information on registered capital was provided. CITIC and Prudential already have a 50-50 joint venture in China -- Xincheng Life Insurance Co Ltd. mark.xiong@xfn.com mx/gf/dg
