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SG wins China funds management licence

SG wins China funds management licence

(China) - SG Asset Management and partner Huabao Trust and Investment Co have been awarded the second joint venture funds management licence in China. The French bank will take an initial 33 percent of the venture, but is expected to increase that to 49 percent after December 2004, when ownership restrictions will be relaxed.

The new venture will have a paid in capital of 11 million yuan (US$12 million).

Allianz AG and Guotai Junan won the first licence, and Fortis and ING are tipped to win licences by the end of the year.

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