SYWG BNP Paribas Asset Management says the China Securities Regulatory Commission has given the regulatory go-ahead to SYWG BNPP AM, its fund management joint venture with Shenyin & Wanguo Securities Corporation.
The joint venture company, which is registered in Shanghai with a capital of RMB100 million (US$ 12.1 million), is 67 per cent owned by Senyin & Wanguo and 33 per cent by BNP Paribas Asset Management. Co-operation between the two firms dates back to 2000.
Shenyin & Wanguo brings to the joint venture a distribution network, research capabilities, and QFII business, while the French bank – whose asset management arm currently manages US$193.6 billion of assets in over twenty countries – brings experience of global fund management.
SYWG BNPP AM will provide both traditional and structured fund products to Chinese domestic investors.
Shenyin & Wanguo has registered capital of RMB 4.216 billion (USD 509 million) and a network of 109 branches and 32 investment service centers located in 44 large and medium sized cities throughout China. Its affiliate, Shenyin & Wanguo ( HK ) Group, controls a listed company, Shenyin & Wanguo ( HK ) Co. Ltd. in Hong Kong SAR.
In June 2003, the firm was designated as a domestic broker by the first QFII in China.