SinoPac Financial Holdings Co (永豐金控) yesterday approved its asset management subsidiary’s plan to join forces with a Chinese peer in creating an asset management firm in China, the company said in a statement.
The new fund manager, a joint venture between SinoPac Securities Investment Trust Co (永豐投信) and Huarong Securities Co (華融證券), will be based in Beijing with a registered capital of 200 million yuan (US$30.7 million), the statement said.
Huarong Securities is a subsidiary of China Huarong Asset Management Corp (中國華融資產管理).
The new company, whose name is awaiting regulatory approval, is intended to help Sino-Pac take advantage of China’s fast-growing asset management market, the statement said.
As of December last year, assets under management (AUM) in China equaled US$6.1 billion, 3.8 times that of Taiwan during the same period, it said.
The net worth of total AUM in China was lower than 10 percent of the country’s GDP in 2009, compared with Taiwan’s 15 percent, indicating ample growth potential, the statement said.
The announcement of the joint venture came after the two sides signed a strategic cooperation agreement in September last year.
China Huarong, created in 1999, is one of the four largest fund managers in China with 29 offices in major cities, SinoPac said.
SinoPac shares rose 1.1 percent to NT$13.75 yesterday in Taipei trading. The stock has risen 2.23 percent so far this year, outpacing the TAIEX’s 0.03 percent decline.
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