Nomura JV set up in Shanghai FTZ, drawn by reforms
Updated: 2014-05-20 07:01
By Wei Tian in Shanghai (China Daily)
|
|||||||||||
Businessmen walk out the the Nomura Holdings Inc building in the Shinjuku district of Tokyo, Japan, August 3, 2012. [Photo/IC] |
Cooperative venture will be first asset management company in pioneer zone
Nomura Holdings Inc said on Monday it will establish a joint venture in the China (Shanghai) Pilot Free Trade Zone with three local companies in the latest move by a foreign financial institution to tap into reform benefits in the area.
Shanghai Nomura Lujiazui Investment Management Co will be a consolidated subsidiary of Nomura Holdings with registered capital of 30 million yuan ($4.8 million), the Japanese financial service group said in a statement on its official website. The Tokyo-based company will be the first asset management company to set up shop in the 28-square-kilometer FTZ.
|
|
Shanghai Jiu You Equity Investment Fund Management will own the remaining 10 percent.
By leveraging the joint venture to provide information on financial markets and products to financial institutions in the Shanghai FTZ, Nomura aims to enhance its presence in the Chinese onshore market and act as a gatekeeper for offshore products, according to the statement.
According to a report by Guotai Junan Securities Co Ltd, China's personal asset management market ranks third largest worldwide, with an estimated size of $16.5 trillion and annual growth of 25 percent.
The new Nomura joint venture will not be allowed to directly sell financial products to Chinese clients, but observers say it can help Nomura familiarize itself with Chinese market so as to promote its sales via partners.
The local banking regulator said foreign financial institutions have shown universal optimism regarding the FTZ after hesitation just after the pilot zone was launched in September.
Related Stories
Nomura to set up JV in Shanghai FTZ 2014-05-19 15:22
China facing rising risks of financial crisis: Nomura 2013-03-19 16:41
Cross-border capital flow eased in Shanghai FTZ 2014-05-17 13:00
Shanghai FTZ mulls cutting negative list 2014-05-15 16:11
Shanghai's first private bank to land in FTZ 2014-05-15 14:14
FTZ arbitration rules published 2014-04-09 07:15
Today's Top News
Russia-China fund puts $1b into deals
China attracts more migrants
US attacks Beijing's cyber space
W Cup suppliers use toxic chemicals
China hosts major Asia security conference
Concerns grow as real estate cool-down continues
China, Russia naval drill focuses on maritime threat
Deadly flooding hits Balkans
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Long march to end employment bias |
Variety is the spice of academic life |
Documents prove the truth can't be buried |
Race to remember story of resistance |
Strait talking: From enemy to friend |
Welcome to the world’s largest garbage dump |