Funds News
- CITIC Securities to merge fund firms
Date: 14-Sep-2007 Sources: (Shenzhen Daily)
CITIC Securities, China's biggest listed brokerage, said Thursday it would merge its two fund management firms to strengthen the business.
The Shanghai-listed brokerage said it had won regulatory approval to buy a 35.725 percent stake in China Asset Management Co. from Southwest Securities Co. The brokerage has said it would pay up to 400 million yuan (US$53 million) for the stake. CITIC Securities said it would also buy 3.55 percent of China Asset Management from another securities company, giving it 100 percent ownership. China Asset Management, the country's largest mutual fund manager, would then absorb CITIC Fund Management Co., which is already wholly owned by CITIC Securities.
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