Shanghai Welcomes Cooperation in Fund BusinessShanghai welcomes Chinese and overseas financial companies to carry out cooperation in fund business so as to achieve great progress in the capital market in Shanghai, Mayor Xu Kuangdi said Friday.At a meeting with Francis Anthony Comper, chairman of the board of the Bank of Montreal, Canada, Xu said Shanghai is China's largest capital market, and the national market for the trading of foreign exchange and gold. "Chinese and overseas companies will have more opportunities to cooperate with each other along with the further opening-up of China's financial industry," said Xu. Comper's trip to Shanghai is intended to accelerate the startup of a representative office in Shanghai, and hold negotiations over technical cooperation with the Shanghai-based Fullgoal Fund Management Company Ltd. in such fields as fund management, corporate governance and open-end fund operation. Comper said his bank pays great attention to business in China, eyes Shanghai's development with excitement and aspirations, and is willing to carry out cooperation with Chinese fund companies in a wide range of fields, so that they can participate in market competitions together. The fund business will become one of China's first financial services to be adapted to the world market after the country enters the World Trade Organization. Fullgoal signed an agreement with the Bank of Montreal in February this year to form strategic partnership. Under the agreement, the Bank of Montreal will provide Fullgoal with a full- range of technical support in several fields including fund investment management, risk control and marketing, as well as consulting services on developing open-end funds. Founded in 1999, Fullgoal is one of the first and largest fund management companies in China. It now manages four close-ended mutual funds with assets worth nearly one billion U.S. dollars. The Bank of Montreal is Canada's biggest bank and one of the largest banks in North America providing highly diversified financial services. |
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