ING stake in China JV may tempt foreign firm

In a first for the Chinese fund industry, ING Group announced it had agreed to sell its entire 33.3% stake in a local joint venture to its two domestic partners. The Dutch financial services firm offloaded its interest in China Merchants Fund Management for €98 million ($127 million) to China Merchants Bank and China Merchants Securities. The fact the manager’s local shareholders acquired the stake should come as no surprise, notes Shanghai-based consultancy Z-Ben Advisors, as t…