KBC could be first foreign firm to exit China's FM industry

Belgian bancassurance group KBC could become the first foreign firm to exit China’s fund management industry amid reports it is seeking to offload its 49% stake in KBC Goldstate. Consultancy Z-Ben Advisors says it’s no surprise that KBC has put its stake in the joint-venture on the block. Not only did the tie-up witness a 60% drop in estimated assets under management last year to $197 million, but KBC itself has received at least three rounds of bailout capital from the Belgian govern…