Dresdner moves on Chinese market
Dresdner has increased its presence in the burgeoning Chinese investment market with the signing of a co-operation agreement with a Chinese financial services group.
The technical co-operation agreement with Guotai Junan Securities will cover investment management, research, risk management, funds administration and information technology. This will create the basis for a joint venture funds management group to be created after approval by Chinese regulators.
The agreement caps off discussions which began in 1997 and comes before widely expected changes to Chinese financial services regulations. These changes will cover the formation of joint venture fund management companies and the introduction of open ended funds.
Dresdner Asset Management board member Wolfgang Peutz says the move is part of a regional strategy for the group.
"Clearly international asset managers have their focus on the long term potential of the savings market in China, in particular the very real opportunity to manage pension assets, which is subject to reforms that we believe are now being studied," Peutz says.
Dresdner Asset Management has US$253 billion in assets under management and advice worldwide and operates out of Europe, the USA, Australia and Asia. Goutai Junan Securities is an investment banking and securities firm in China with registered capital of US$449 million and operates from a base of 118 brokerage branches across the country.
AUTHOR
Jason Spits
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