The trend in China towards passive investing bodes well for both asset managers' products.
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The lion bank will have a 20% stake in the venture and an open doorway to tap ChinaÆs fast growing retirement market.
Bank of CommunicationsÆ Peng Chun is named chairman of the joint venture, while CEO David Lui becomes vice-chairman and is succeeded by Mo Tai Shang.
Second official seconded to China''s fifth-biggest lender.