State Street Global Advisors in China joint venture
State Street Global Advisors (SSgA) has entered into a joint venture to extend its reach into the domestic Chinese funds management market.
The company announced last week that it had entered into the joint venture with Beijing-based Zhongrong International Trust Co Ltd (ZRT).
It said the joint venture, to be known as SGA Fund Management Co. Ltd, would provide domestic China funds management activities, including launching and managing securities investment funds for retail, high-net-worth and institutional clients.
ZRT holds 51 per cent of the company's shares and State Street Global Advisors Asia Ltd holds 49 per cent.
State Street Global Advisors' initial financial contribution is expected to be approximately $50 million.
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