国产重口老太和小伙乱,国产精品久久久久影院嫩草,国产精品爽爽v在线观看无码 ,国产精品无码免费专区午夜,国产午夜福利100集发布

US firm plans fund management venture
By Zhao Renfeng (China Daily)
Updated: 2004-05-28 08:55

The United States' fourth-largest asset management company, Mellon Financial Corporation, is making great progress towards setting up a joint venture fund management company in China, its chairman revealed.

Martin G. McGuinn, Mellon's chairman and chief executive officer, told China Daily: "We are looking for partners in China to engage in the fund management industry, servicing both the retail and institutional market here."

McGuinn said Mellon is currently talking with a number of potential partners in China, and said that some of these firms appear to be very good choices for the giant company, which had assets under management of US$657 billion at the end of 2003.

"Internationally, we have been more focused on markets in Europe, so we have been somewhat late in coming to this part of the world," said Simon Sun, associate director of Mellon Global Investments, a unit of the Mellon Financial Corporation.

"We are keen to develop our presence here, given the great potential in the country," said McGuinn.

He sees China not only as a large market, but also as a good place to make contributions.

He said his company could bring wide-ranging expertise to investors.

This expertise is demonstrated by the 13 specialist fund management companies which Mellon has under its umbrella, including equities, bonds, real estate, hedge funds, quantitative, indexing and currency overlay strategies.

"We have a strong suit of products globally that extends across the major asset classes," he said.

McGuinn declined to reveal the names of Mellon's potential partners in China and the timetable for the deal, but he said Mellon was more likely to opt for a marriage with giant industrial firms rather than co-operating with local fund management firms.

It was currently still too early to announce a final schedule for the deal, but McGuinn hoped the deal would be secured "as soon as possible."

But McGuinn added that "the timing is good now."

Mellon officials said that the central government's clear commitment to cool down economic growth is good news for the country's future development, although the stock markets seem to have borne the brunt of the decision.

The government's credit-tightening decision would not alter the company's plan to venture into the fund management industry in China, said company officials, adding that the current environment is generally very good.

"We emphasize that we are making a long-term decision and we are positive on the market's future," said McGuinn.

Foreign fund management companies are currently vying for a chance to gain access to China's embryonic fund industry, encouraged by the country's forecast 7-8 per cent economic growth over the next few years and its US$1.3 trillion savings pool.

A foreign partner can now initially hold up to 33 per cent of a fund management firm, and, by the end of this year, may be able to raise that stake to a maximum of 49 per cent.

Close