Global asset managers have tried to step up their presence in China for years. Those efforts gathered speed recently after Manulife and Fidelity won regulatory approval to operate wholly-owned onshore businesses.
Dutch pension fund manager APG, logistics company ESR and the Canada Pension Plan Investment Board plan to double the total equity investment capacity of their second joint venture in Korea, bringing it up to $2 billion.
The US fund manager, fresh from its acquisition of rival Legg Mason, sees China as a huge opportunity in respect of asset owners, both onshore and offshore.
The portfolio holds a potential upside for the Korean asset owner and its partners, its CIO tells AsianInvestor.
Beijing pledged last week to raise the 49% cap on foreign stakes in mainland fund firms and to give details on investment management WFOEs, further widening the options for overseas fund houses.
The Hong Kong bank plans to set up a joint venture funds company with majority control in Shenzhen’s Qianhai zone. It would be the first such mainland JV and a significant milestone in China’s funds liberalisation.
China Life’s offshore investment arm has been focusing more on third-party high-net-worth and institutional segregated-account business, a move that seems to be paying off.
The Japanese asset manager has set up a private equity joint venture, which may stimulate competition between Shenzhen and Shanghai and herald more such deals, said Z-Ben Advisors.
State Street Global Advisors’ reported move to exit its mainland joint venture is seen as highlighting a difference in approach to risk control between the US firm and its Chinese partner.
Hong Kong-based Value Partners' CEO sees its purchase of a stake in the Chinese fund house as a springboard for its mainland business, but acknowledges the challenges it faces.
The firm is hopeful it will submit an application for a mutual fund JV this year. It has just launched a private equity JV as it seeks to build a track record in the country.
Is ICBC Credit Suisse to be the last of the great bank joint-venture deals in China? With uncertainty looming over the renewal of bank JV licence rules, such partnerships may soon become an endangered species.