AXA Investment Managers (AXA IM) has signed a Promoters’ Agreement to establish a fund management company in China via a joint venture with Shanghai Pudong Development Bank (SPDB) and Shanghai Dragon Investment (SDI).
The agreement will now be submitted for regulatory approvals.
“Developing our presence in Asia is at the very heart of our future growth strategy, and China, with its excellent long term economic growth prospects, will play an important role in helping AXA IM realise its ambitions in the region,” says Stphane Prunet, Head of Asia & Japan for AXA Investment Managers, and CEO of AXA Rosenberg. “Both SPDB, one of the leading commercial banks in China, and Shanghai Dragon, a Shanghai Municipal Government wholly-owned integrated investment company, have an excellent reputation and understanding of the Chinese market. AXA IM is looking forward to working in partnership with both of these companies and laying the foundations for establishing a fund management company in China in the near future.”