Value Partners targets turnaround of KBC Goldstate

Sino-foreign asset management joint ventures pose big challenges, particularly for the minority - , foreign partner. But at least the deal announced yesterday by Hong Kong’s Value Partners will unite two fund houses with closer ties than in many other mainland fund JVs. Value Partners agreed in November to acquire Belgian firm KBC Asset Management’s 49% equity interest (the maximum possible for a foreign firm) in Shanghai-based KBC Goldstate for an estimated Rmb40.5 million (HK$49…