Investment Updates News
- Societe Generale ups stake in fund venture
Date: 5-Jun-2007 Sources: (Shenzhen Daily)
SOCIETE Generale Asset Management, a unit of France's Societe Generale, has increased its stake in its Chinese fund-management joint venture to 49 percent from 33 percent, the joint venture, Fortune SGAM Fund Management Co., said yesterday.
Fortune SGAM also said in a statement its registered capital rose to 150 million yuan (US$19.56 million) from 100 million yuan after a capital injection from Societe Generale. 'The capital expansion will have a positive impact on Fortune SGAM's business expansion and risk controls,'it said. The stake of its Chinese shareholder, Fortune Trust & Investment Co., declined to 51 percent from 67 percent as a result of Societe Generale's stake increase, it said.
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