Sino-foreign joint ventures in fund management：It takes two to tango.docVIP

Sino-foreign joint ventures in fund management：It takes two to tango Sino-foreign joint ventures in fund management: It takes two to tango1Sino-foreign joint venturesin fund management:It takes two to tangoAn industry report series exclusively written for KPMG Chinaand Hong Kong?? 2004 The Economist Newspaper Limited 2Sino-foreign joint ventures in fund management: It takes two to tango?? 2004 The Economist Newspaper Limited Sino-foreign joint ventures in fund management: It takes two to tango3Sino-foreign joint venturesin fund management:It takes two to tangoEconomist Corporate Network6001 Central Plaza18 Harbour RoadWanchai, Hong KongTel (852) 2585 3888Fax (852) 2802 7660.economistcorporatenetwork4?? 2004 The Economist Newspaper Limited 4Sino-foreign joint ventures in fund management: It takes two to tangoAcknowledgementsThe author would like to offer a special note of gratitude to Bonn Liu, a partner inKPMG’s Financial Services Practice, for his feedback and his contribution to the charts,tables and appendices on the state of China’s fund management industry, its regulatoryaspects and a list of all the joint venture firms that have been established in China. Shewould also like to thank the busy executives whom she interviewed on a one-on-onebasis in Hong Kong and Shanghai. Many of these executives, whose names will not bedisclosed here for confidentiality reasons, are either CEOs or senior managers of theirrespective firms based in both cities. The fund management companies in Hong Kongthat were interviewed are all foreign-owned firms coming from various countries.Thanks also go to Coudert Brothers, the Economist Intelligence Unit and HewittAssociates for some of the information quoted in the text of this report. Special thanksgo to Duncan Wrigley of Economist Corporate Network for his desk research andcontribution to the parts on China’s macro outlook and the development of pensionfunds and the fund management industry in China, as well as Tania Shao and Megan H