Schroders will establish a fund management joint venture in China with two mainland partners, the British asset manager said on Friday.

The $205 billion global money manager will own a 30% stake in the venture, which counts Chinese lending giant Bank of Communications as one of its partners. Bank of Communications, which will command a 65% share of the venture, plans a $1.9 billion IPO for later this month. The other principle stakeholder is China International Marine Containers Group. The venture has applied for regulatory license, Schroders officials said.

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