Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial services provider by assets, yesterday said it had finished integrating the local fund house Truswell Securities Investment Trust Co (富鼎投信) into the conglomerate’s umbrella.
The company said in a statement on Friday that it had renamed the investment trust unit Chinatrust Securities Investment Trust (中國信託投信), which will be under the leadership of chairman Thomas Chen (陳國世) and president Belinda Yu (于蕙玲).
The renaming of the unit and appointment of its new management team will need to be approved by the Financial Supervisory Commission, Chinatrust said in the statement.
Chinatrust Financial acquired a 98.6 percent stake in Truswell Investment for NT$466 million (US$15.99 million) in August in a bid to expand its scope, especially in the asset management market.
The new subsidiary, which has eight funds targeting global bond and equities markets, has 4,275 customers with a total of NT$2.16 billion in assets under management, Chinatrust said.