Bank of Montreal of Toronto and Fullgoal Fund Management of Beijing have agreed to develop an asset management company that will operate in China and some other markets, according to Bank of Montreal. The asset management company will create and distribute mutual fund products in China, introduce Chinese mutual funds to international investors and make available to Chinese investors a range of mutual funds from around the world, according to Bank of Montreal.
The alliance between the two companies will capitalize on Bank of Montreal's mutual fund expertise and marketing capabilities and Fullgoal's understanding of Chinese markets and the business environment, according to Bank of Montreal.
China represents a highly attractive market that is today largely under-served and untapped, said William A. Downe, vice-chairman of Bank of Montreal.
Fullgoal Fund Management Company is one of China's largest mutual fund companies with $1.5 billion in assets under management, according to Bank of Montreal. Bank of Montreal has $301 billion in assets under management, the company said.