Thu, Dec 16, 2004 - Page 10 News List

Taishin Investment Trust Co to retain independence

FAMILY FEUD The four Wu brothers have come to an agreement over the management of Taishin Financial and Shinkong Synthetic Fibers Corp

By Joyce Huang  /  STAFF REPORTER

Taishin Investment Trust Co (台新投信), a re-investment by Taishin Financial Holding Co's (台新金控) subsidiary Taiwan Securities Co (台證證券), will remain independent from its parent company, chairman Eric Wu (吳東昇) said yesterday.

"Business ties will eventually be separated," Wu said yesterday as he spoke to the media for the first time since a shareholding fight with his elder brother Thomas Wu (吳東亮) over the management of a family-owned fiber-maker came to an end late last month.

Eric Wu is sure to take over control of Shinkong Synthetic Fibers Corp (新光人纖) from his brother in a board meeting scheduled for Monday.

In return, Thomas Wu won full family support to be re-elected as chairman of the financial-service company earlier this month.

As part of the agreement, Taishin Financial is expected to release its 45 percent stake in Taishin Investment Trust, which was established in June, within the next three years.

Eric Wu said that he may buy back the stake if the price is right.

The remaining 55 percent stake is owned by several family-owned subsidiaries.

Eric Wu also said the trust company is working on two acquisition deals, one of which is slated to be closed by year's end, although he would not elaborate.

When asked if he is interested in forming a financial-services company, he gave a resounding "No."

But he said that he hasn't ruled out the possibility of merging with other, bigger financial holding companies such as Shinkong Financial Holding Co (新光金控). Shinkong is chaired by his eldest brother Eugene Wu (吳東進).

Eric Wu refused to say whether the family-run businesses have officially been split between the four brothers, though he did say that "the to-be-held family meeting will be part of an ongoing process."

Meanwhile, Taishin Investment Trust yesterday celebrated its success in sales of two fund products and boasted that its fund size is nearing NT$10 billion.

Company's president Charles Shen (沈文成) vowed to expand the fund size to more than NT$100 billion in the next three years.

This story has been viewed 3436 times.
TOP top