From: “Shanghai Securities News”
Compiler: Fund China

Pudong Bank initiated the establishment of Pudong Bank AXA Fund companies approved the establishment.

Department of Banking fund companies add new strength.

This reporter has learned that the Shanghai Pudong Development Bank Co. Ltd. initiated the establishment of the Pudong Bank AXA Fund Management Ltd. has been recently received by the Chinese SFC approved formally established. This is the Bank of Communications Schroders, ICBC Credit Suisse, CCB Principal after the establishment of letters of the Department of Banking four fund management companies.

It is learned that Pudong Bank AXA fund companies from the Shanghai Pudong Development Bank, French AXA Investment Management Company and the Shanghai Sheng Rong Investments Ltd. jointly established. Among them, Fujian bank holding Pu silver AXA 51% of the shares. Pudong Bank on the establishment of the AXA more are in the January 23, 2007 was agreed that the China Banking Regulatory Commission approval.

Since June 21, 2005, the first bank-fund companies ICBC Credit Suisse Fund companies, Department of Banking Fund momentum of development has been very rapid. Data showed that as at June 30, 2007. Bank of Communications Schroders, ICBC Credit Suisse, CCB Principal three fund management companies together to achieve the Fund Number 17, management of the Fund’s total asset size of 102.028 billion yuan.

Pudong Bank AXA is the first of four banks between fund management companies, and is among five state-owned banks outside the small first joint-stock commercial banks to set up fund management initiated by the company. People in the industry believe that this means that the domestic small and medium-sized joint-stock commercial banks to set up fund companies gate opening.

Copyright Fund China 2009.

You Might Like: