SSgA, Zhongrong International enter into JV in China
It'll boost securities investment funds.
According to a release, State Street Global Advisors (SSgA), the investment management business of State Street Corporation, announced its joint venture with Zhongrong International Trust Co. Ltd (ZRT) in China.
Registered and principally located in Beijing, the joint venture (SSGA Fund Management Co. Ltd., will provide domestic China fund management activities including launching and managing securities investment funds for retail, high net worth and institutional clients.
ZRT holds 51 percent of the company shares and State Street Global Advisors Asia Ltd. holds 49 percent. SSgA’s initial financial contribution is expected to be approximately $50 million.
The China Securities Regulatory Commission has approved the appointments of Gui Songlei as chairman of the joint venture board, Wang Yao as Inspector General and Li Xuesong as general manager.
Mr. Li will be responsible for the day-to-day management of the joint venture. He graduated from Hiroshima University of Economics with a Master’s Degree in Economics and has 20 years of experience in the financial industry. He joins from Bosera Fund Management Co., Ltd where he was deputy general manager for more than a decade.
Scott Powers, president and CEO of SSgA said, “Building on our presence in Beijing, our goal is to continue to provide solutions to meet the unique and evolving challenges facing Chinese investors with industry-leading research and an experienced team of professionals.”
Li Xuesong of SSGA Fund Management Co. Ltd. added, “We aim to be a trusted partner to investors in China by providing solutions and guidance to help our clients preserve and grow their business.”