Sino-US Fund Management Company to be Set Up in Shanghai

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Last updated at: (Beijing Time) Friday, May 02, 2003

Sino-US Fund Management Company to be Set Up in Shanghai

J.P. Morgan Fleming Asset Management Limited and the Shanghai International Trust and Investment Co. Ltd have announced their intention to set up a joint venture fund management company in China.

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J.P. Morgan Fleming Asset Management Limited and the Shanghai International Trust and Investment Co. Ltd have announced their intention to set up a joint venture fund management company in China.

The two sides have signed an agreement on the issue and applied to the China Securities Regulatory Commission for approval.

The capital for the joint venture fund management company will be 150 million yuan (about 18 million US dollars).

Initially, the Shanghai company will hold 67 percent of the stock and the American partner 33 percent. The American company will be able to increase its share to a maximum 49 percent under Chinese laws.

The American company, under J.P. Morgan Chase, was a world-class asset manager, said Fu Fan, deputy general manager of the Shanghai company. Fu said the new joint venture would be one of the best fund management companies in China.

The Shanghai firm is owned by the municipal government of Shanghai, and by 2002, the company had made over 4 billion US dollars on the international capital market.

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