Taiping-Ashmore deal underlines China mutual fund challenges
Having acquired joint-venture investment firm Ashmore-CCSC, China's Taiping faces a tough task building scale in the fiercely competitive mainland mutual fund business.
The recent purchase by Taiping Asset Management of a majority stake in struggling joint venture Ashmore-CCSC Fund Management reflects both the growing proliferation of Chinese insurers entering the mutual fund industry and the challenges they face in doing so.
Taiping AM, part of Shanghai-based Taiping Insurance, bought 32% of the 49% of the JV that was owned by UK asset manager Ashmore, and 34% of China Central Securities’s 51% stake. Each of those two previous owners now holds 1…
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