China to let foreigners own plurality of fund JVs

In the queue for Sino-foreign joint ventures for fund management, two small deals stand out: in both cases the foreign party is expected to attain a plurality of shares. Although foreign partners can own up to 49% and many structures involve three or more parties, so far all these deals involve one local player holding more shares than the others. In one case, Invesco and its main partner, Great Wall Securities, both own 49% with the other 2% held by two other passive members. B…