CHINA - Chinese firm Haitong Securities and Dutch financial services provider Fortis have signed an agreement to develop an asset management joint venture in China.
Details around the allocation of responsibilities include, corporate governance, information exchange, shareholder structure, research, product development and the establishment of compliance and risk control systems.
Haitong president Wang Kaiguo said that both parties will benefit from the opportunities of the Chinese securities market after China enters into the World Trade Organization later this week.
Joop Feilzer, a member of the Fortis executive committee, pointed out that Fortis will leverage off Haitong’s extensive network and client base in China.
Fortis added that the strategic alliance underlines the mutual confidence both firms have “in the strong development of China’s securities market.”
Initially aimed at the private client sector, the asset management joint venture will target institutional investors by the end of 2002.
By Janet Du Chenne
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