Prudential Financial Inc. and China-based Everbright Securities announced Sunday they had received a license to launch a fund product in mainland China under the name of a newly formed company, Everbright Prumerica Fund Management Company.
Said Prumerica Financial Asia President Douglas Fergusson, "Our main purpose for the joint venture is to provide Chinese investors with a broad array of investment options and bring investment expertise coupled with technology transfer to this market." He said he thinks the new company will become productive early on.
Although only a handful of joint ventures exist in China, it is widely thought that the number will start growing. China only started allowing ventures between foreign and Chinese firms in 2002.