F&C Asset Management has signed a Memorandum of Understanding with Hua Xia Bank agreeing in principle to form a joint venture fund management company in China. The move is a key milestone in F&C’s strategy of building a presence in Asia following the opening of its first office in the region, in Hong Kong, earlier this year.
Hua Xia Bank is one of the twelve nationwide joint stock commercial banks in China and has seen strong growth since its incorporation in 1992. Hua Xia became the fifth listed bank in China in 2003 when it floated on the Shanghai Stock Exchange in 2003. Hua Xia now has 294 outlets in 31 cities, with a footprint covering 19 of the 22 Provinces in China. It employs around 10,000 people and has a global network of 464 correspondent banks.
Alvin Chua, F&C’s Head of Distribution and Business Development for Asia, commented: “We are very excited about the prospect of establishing a joint venture fund management company in China with one of the premier banks as our partner. Hua Xia is a highly respected and successful bank and the proposed joint venture company will give us a foothold in a vast and fast growth market with 1.3 billion potential customers. As China continues to experience strong economic growth, we see excellent opportunities to help provide high quality investment products for both retail and institutional Chinese investors.”
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