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Fortis Fund Management Company Sets Up Representative Office in Shanghai
The fund management company of Fortis, a leading financial group from Europe, has set up a representative office in Shanghai, China's major industrial and commercial center.
The representative office began business just recently, said local sources.
An executive of the fund management company said that they were delighted at Chinese government's efforts to standardize and develop a fund market and would make use of Fortis' experience and resources to actively participate in and advancing the development of China's fund market.
Fortis, with businesses ranging from insurance, banking to investment, is one of the world's major financial groups and has total assets exceeding US$400 billion. It manages more than US$100 billion worth of assets on behalf of its clients and also exercises administration over another 500 kind of open funds.
In addition to the representative office in Shanghai, Fortis has also opened operational banks in Shanghai and Guangzhou, one of China's major southern gates to the outside world.
Shanghai is now home to more than 70 operational overseas financial organizations.
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