Fortis firm secures permit

The joint venture fund management firm of the European financial services group Fortis Haitong Securities has received its operating permit from the China Securities Regulatory Commission. Its registered capital is Yn100m, with Haitong owning a 67 per cent stake.

Two other joint venture fund management firms – China Merchants Fund Management, a joint venture between a unit of ING Group and China Merchants Securities; and Xiangcai Hefeng Fund Management, jointly owned by ABN Amro Holdings and Xiangcai Securities – launched their respective umbrella funds in mid-March.