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Mirae Asset to launch joint venture in China

SEOUL, Sep 23, 2009 (Asia Pulse Data Source via COMTEX) --

Company: Trust Co Ltd (TCNYF)

South Korea's Mirae Asset Financial Group has signed a contract to establish a mutual fund joint venture in China with two Chinese partners, the firm said Tuesday.

To that end, Mirae Asset Global Investments, a unit of the Mirae Asset group, is to invest 25 million yuan (US$3.66 million) to set up the joint venture, Mirae Asset Huachen Fund Management, while Huanchen Trust Co. and Tiantu Capital will finance 40 million yuan and 35 million yuan, respectively, it said in a statement.

The Korean asset manager plans to submit an application for the launch of the venture to the China Securities Regulatory Commission (CSRC) in November, it said.

If the joint venture wins CSRC approval, Mirae Asset would become the first South Korean company to make entry into the Chinese asset management market, it added.

Copyright (C) 2009 Asia Pulse Data Source. All rights reserved

News Provided by COMTEX

Company: Trust Co Ltd (TCNYF)


Related terms: china, contract, finance, joint venture, market, securities, south korea, yuan

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