State Street Global Advisors (SSgA), the asset management business of State Street, has formed a joint venture with Zhongrong International Trust (ZRT) in China.
Based in Beijing, the joint venture will provide domestic China fund management activities including launching and managing securities investment funds for retail, high net worth and institutional clients.
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ZRT holds 51% interest in the joint venture, while SSgA holds the remaining 49% stake. SSgA’s initial financial contribution is expected to be approximately US$50 million.
Gui Songlei has been appointed as chairman of the joint venture board, Wang Yao as inspector general and Li Xuesong as general manager. The appointments have been approved by the China Securities Regulatory Commission.
Li will be responsible for the day-to-day management of the joint venture. He joins from Bosera Fund Management where he was deputy general manager for more than ten years.
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