CSRC reportedly to award asset management licenses
10 January 2013
By Asia Asset Management
The China Securities Regulatory Commission (CSRC) is set to award asset management licenses to four newly established fund managers after they passed approval procedures, according to a report from Securities Times on Wednesday (January 9).
The candidates include Central China Ashore, a 51:49 joint venture between Central China Securities and British Ashore Investment Management, and a JV between China Resources SZITIC Trust and Taiwan’s Yuanta SITC. The other two institutions are Qianhai Kaiyuan and Jiangxin. The approval will boost the total number of fund managers in China to 77.
Separately, the CSRC said on its website on December 31 that it is proceeding with the applications of another five fund houses, including a JV between Zhongrong International Trust and State Street Global Advisors Asia Ltd, a JV between Haixi Securities and Taiwan’s Capital Investment Trust Corporation, a JV between China Development Bank Securities and Cathay SITC, and a consortium between Xiamen International Trust and SinoPac Securities, and Xiangcai Samsung.
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