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BEA Union Investment Management Limited, a joint venture between the Bank of East Asia and the German Union Asset Management Holding AG., is in talks with New Hope Group to acquire its stake in Golden Eagle Asset Management Co, an inland fund management company, he said.
In response to media reports that BEA Union Investment will take over some 10 percent of Golden Eagle's shares in the initial stage, Lam said the company wishes to gain as much as the regulator will permit.
The move to set up the joint venture is part of BEA's investment strategy in the Chinese mainland and offers a way for BEA to act as an agent for fund sales and develop its own fund products, said Lam.
Establishing non-bank financial institutions has become the future trend of foreign-funded banks, he said.
The China Securities Regulatory Commission, the securities regulator, is studying regulations on agency sales of funds by locally incorporated foreign banks, a business many foreign-funded banks are interested in. Enditem
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