ChinaAMC to absorb Citic Funds in M&A first
Authorities are prodding Citic Securities, which owns both fund companies, to merge them in order to comply with laws on ownership, creating the first such case in China's mutual-funds industry.
Beijing-based China Asset Management says it has received the final approval from the regulators to absorb Citic Fund Management into its business. Previously unheard of in the universe of fund management in China, the merger is set to conclude in the months ahead as the largest shareholder, Citic Securities, has exceeded the regulation cap on maximum ownership in fund-management houses.ôItÆs driven by external regulations. ItÆs not a merger driven internally by either party,ö says Jo…
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