Funds News
- Nikko Asset doubles stake in mutual fund
Date: 12-Jun-2007 Sources: (Shenzhen Daily)
NIKKO Asset Management, Japan's third-biggest fund manager, said yesterday it has doubled its stake in Rongtong Fund Mangement, a mid-sized Chinese mutual fund, to 40 percent.
Nikko Asset Management, whose managed assets totaled 11.9 trillion yen (US$97.77 billion) as of March, is aiming to tap China's growing mutual funds, which together manage some 1 trillion yuan (US$130.7 billion) of assets. Nikko Asset Management, which is 54 percent owned by Japanese broker Nikko Cordial, spent US$12.4 million on the initial 20 percent stake in Rongtong earlier this year.
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