Shenyin and Wanguo (SW) and BNP Paribas Asset Management (BNP PAM) today obtained regulatory approval from the CSRC* to commence the preparatory work to create their joint venture: SW BNP Paribas Asset Management Co., Ltd (SW BNP PAM).
SW BNP PAM is a fund management joint venture (JV) set up by Shenyin & Wanguo Securities Corporation Limited and BNP Paribas Asset Management SAS. It will be registered in Shanghai with a capital of RMB 100 million. Shenyin & Wanguo will hold a 67% stake in the joint venture while BNP PAM will own the remaining 33%.
SW BNP PAM will build an organisation responsive to investors' needs by launching dynamic and creative products and implementing excellence in professional asset management. The JV will benefit on the one hand from the local partner's expertise in aspects such as sales network and research and on the other hand from the French partner's experience in areas such as advanced technology, product design, investment management and risk control.
The JV will be active in the fields of traditional and structured fund products. It aims to provide the best investment management service to Chinese investors. It will also contribute to the development of the fund industry in China along with other market players.
Co-operation between the two partners dates back to 2000. Since then, SW and BNP PAM have developed a close relationship, sharing a common approach in numerous areas such as investment culture and philosophy, experience, technology and network.
* China Securities Regulatory CommissionShenyin & Wanguo
SW is one of the pioneers in the securities industry in China and has made compelling achievements during the past few years. The firm has a registered capital of RMB 4.216 billion and boasts a network of 109 branches and 32 investment service centres located in 44 large and medium sized cities all over China.
Shenyin & Wanguo has an affiliate, "Shenyin & Wanguo (HK) Group", and controls a listed company, "Shenyin & Wanguo (HK) Co. Ltd."(0218) in Hong Kong SAR.
SW achieved significant results in the last few months, making noteworthy advances in the fields of OTC share transfer, investment consulting services and bond underwriting. In June 2003 SW successfully obtained the agency mandate of the first ever QFII**. The creation of this joint venture is part of Shenyin & Wanguo's strategic development plan.BNP Paribas Asset Management
BNP Paribas Asset Management is a wholly owned subsidiary of BNP Paribas, one of the world's largest banking groups, active in more than 85 countries. BNP Paribas is the first bank in the Euro zone in terms of net income and market capitalization.
BNP Paribas Asset Management (BNP PAM) is an international investment manager with more than USD 187 billion in assets under management (as of June 2003), in more than 20 countries. BNP PAM's prime objective is to provide high-quality fund management and investment advisory services catering to the needs and objectives of international investors around the world.
BNP PAM offers a comprehensive range of investment products investing in global markets. It has an extensive experience in the setting up and management of local asset management companies in promising new markets, one of the firm's key areas of development.
** Qualified Foreign Institutional Investor