Principal Financial Group, one of the biggest sellers of 401(k) retirement plans in the United States, is setting up shop in China in a joint venture with China Construction Bank. Headquartered in Beijing, CCB-Principal Asset Management will market mutual funds in the People's Republic of China and be 65% owned by China Construction, 25% by Principal and 10% by China Huadian Group.

The application for CCB-Principal Asset Management. is subject to approval by the China Securities Regulatory Commission.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.