State Street Global Advisors (SSgA), a US-based asset management firm, is reportedly planning to divest its 49% holding in SSGA Fund Management (SSGAFM), Chinese joint venture with Zhongrong International Trust (ZRT).
The venture launched in June 2013 with a capital of RMB300 million (US$48 million) has mostly been inactive only issuing one mutual fund.
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The sale comes at a time when a list of Sino-foreign financial joint ventures is struggling to survive in the market due to differences in expectations, operation, and culture, reported Asia Asset Management.
In May, BNY Mellon had agreed to offload its stake in BNY Mellon Western Fund Management to Shanghai Leadbank Asset Management.
State Street Group that established its first Chinese office in Beijing in 2005 also has a wholly-owned technology company, State Street Technology (Zhejiang) Co in Hangzhou, Zhejiang province.
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