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U.S. Company to cooperate with China Fund Management Firm
Penghua Fund Management Co. Ltd., headquartered in Shenzhen of south China's Guangdong Province, has signed a cooperation agreement with INVESCO, a successful fund management company from the United States.
According to the agreement, which was signed Friday, the American company will provide its Chinese partner with a full range of consulting services in a bid to improve the latter's capacity in fund management, market promotion, marketing and clients' service.
Both sides also pledged to work together in order to establish a Sino-foreign cooperative fund when Chinese law allows such an operation.
Penghua Fund Management Co Ltd now administers four securities investment funds, with total assets amounting to 6.36 billion yuan ( about 766 million U.S. dollars). It has been preparing to launch an open-end fund.
As one of the world's leading professional fund management companies, INVESCO manages over 389 billion U.S. dollars' worth of assets.
While addressing a function especially prepared for the signing of the agreement, Li Decheng, vice mayor of Shenzhen, said he hoped the strategic cooperation between the two companies would promote a healthy development of fund business in Shenzhen, where one of China's two stock exchanges is situated. The other is located in Shanghai.
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