Morgan Stanley, others continue China fund JV quest
Foreign entrants grow in China as its mutual funds industry hits Rmb2 trillion, on track to reach Rmb3 trillion ($397 billion) by year-end.
With 32 domestic fund houses still in play in China, more foreigner asset managers are buying their way into the market. Dutch insurance company and pension fund manager Aegon is now taking a 49% stake in Industry Capital Management, while ItalyÆs Eurizon Capital is buying a stake in Shenzhen-based Penghua, a pioneer dating to early 1998 with a 3% market share and $7 billion in capital (and which is developing QDII products with Goldman Sachs).
Now Morgan Stanley Investment Manage…
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