Royal Bank of Canada has formed an agreement with China Minsheng Banking Corp. to form a joint venture mutual fund company.

China Minsheng Bank, which will be headquartered in Shanghai, will have a 60% interest, RBC will have a 30% interest and Three Gorges Finance will hold a 10% interest.

“This exciting initiative provides us with an entry point into the rapidly expanding Chinese asset management market,” said George Lewis, executive vice president, wealth management, of RBC Financial Group and chairman and CEO of RBC Asset Management.

“The fund management market in China is poised for growth, making this an opportune time to form this joint venture,” said Hong Qi, executive vice president of China Minsheng Bank.

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.