The deal by Hong Kong-based GCS, a low-key private equity firm, includes a distribution agreement with ICBC to offer European-managed fund products to Asian investors.
They eagerly await regulatory approval for the first fund admin outsourcing deal, while some see the opening of local custodian business to foreign banks as imminent.
As Credit Suisse pulls back from traditional and long-only investing in Asia, managers in the China JV decide they are ready to take over the responsibility for its overseas portfolio.