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.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
