SSgA enters fund management joint venture with Chinese trust
State Street Global Advisors (SSgA) has entered into a fund management joint venture with Chinese-based trust company Zhongrong International Trust.
The joint venture SSgA Fund Management is registered and principally located in Beijing and will provide domestic China fund management activities for retail, high net worth and institutional clients, SSgA stated.
Zhongrong holds 51 per cent of the company shares and SSGA Asia holds 49 per cent, with its initial financial contribution expected to be approximately $50 million.
The China Securities Regulatory Commission has approved the appointments of Gui Songlei as chairman of the joint venture board, Wang Yao as inspector general and Li Xuesong as general manager.
SSgA president and chief executive Scott Powers said the purpose of the joint venture is to "continue to provide solutions to meet the unique and evolving challenges facing Chinese investors".
State Street established its first China-based office in Beijing in 2005 and was granted a branch licence from the China Banking Regulatory Commission in 2011.
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