Draft legislation in China will allow for foreign fund management companies to enter joint ventures with domestic securities companies or their asset management subsidiaries for up to 49% of ownership after three years. The goal is to establish an open-ended mutual funds industry, but turning the draft legislation to law hinges upon Chinas accession to the World Trade Organization. Currently, China has a booming $6-7 billion closed-end mutual funds market that remains closed to foreigners.
Last week, Dresdner RCM Global Investors signed a technical services agreement in Shanghai with Guotai Junan Securities. Bruce Kho, managing director-Asia at Dresdner RCM pictured right, and Mark Konyn, director and head of marketing for Asia pictured...
