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Fortune SGAM Management Co., Ltd., the first joint-venture fund management company in Shanghai, made its debut with a symposium on the development of the fund industry in China.
The second such joint venture on the Chinese mainland, the company was set up by China's Fortune Trust & Investment Co., Ltd. and France's Societe Generale Asset Management SA, with registration capital of 100 million yuan (about 12 million US dollars).
As part of China's commitment to the World Trade Organization (WTO), foreign institutions are allowed to do securities and fortune management in the country. But the foreign shares should be kept under 33 percent, which is due to rise to 49 percent three years after China's entry in the WTO.
According to this commitment, Fortune Trust & Investment Co., Ltd. holds 67 percent of the shares of Fortune SGAM Management Co.,Ltd. and the French company holds 33 percent.
The Chinese side is responsible for investment and marketing and the foreign side is in charge of the company management and product design.
Zhang Jianqun, board chairman of Fortune Trust & Investment, said the joint-venture fund management company would become an important force in China's fund industry and aims to become an advanced international fund management company.
(Xinhua News Agency April 8, 2003)
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