BNP Paribas-Shenyin & Wanguo Fund Management Joint Venture In China Gets Regulatory Approval

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

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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.

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