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French bank eyes stake in fund
By Leo Zhang (Shanghai Daily)
Updated: 2007-04-10 14:41 La Compagnie Financiere Edmond de Rothschild Banque may buy a stake in China's Zhonghai Fund Management Co as it seeks to tap the mainland's fast-growing money-management sector, fund sources said yesterday.
The French bank is now in late-stage talks with the Chinese fund firm for a possible equity investment, according to people familiar with the matter. Financial terms in the deal have yet to finalized, they said. An official at Zhonghai Fund declined to comment yesterday while Edmond de Rothschild Banque was not available to comment. Mainland equity funds raised capital of more than 350 billion yuan (US$45.3 billion) last year, nearly tripling the sector's combined scale from the start of 2006, according to regulatory data. There are about 20 Sino-foreign joint-stock ventures and more than 30 domestic companies in the country's fund-management industry. Foreign ownership in a mainland fund firm is capped at 49 percent. Zhonghai Fund was set up inShanghaiin March 2004 by Zhonghai Trust & Investment Co,YunnanTobacco and Guolian Securities Co with a registered capital of 130 million yuan. The fund company last month sold an energy sector-focused equity fund.
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