ABC-CA Fund Management to Commence Operations in China

ABC-CA Fund Management Company, a joint venture between Agricultural Bank of China, Credit Agricole Asset Management and Aluminum Corporation of China, will begin its operations in China from April 16, 2008, reported XFN-Asia, quoting the company’s spokeswoman.

According to the report, Agricultural Bank holds about 51.67% stake in the JV while Credit Agricole Asset Management and Aluminum Corporation of China each hold 33.33% and 15%, respectively.

The company, which came into existence in February 2008, has a registered capital of about CNY201 million. Yang Kun, vice president of Agricultural Bank, acts as the chairman of the new company.

XFN-Asia quoted ABC-CA Fund Management’s spokeswoman, as saying: “We expect to launch our first fund product as soon as the securities regulator gives its approval.”