Fund management JV

UK-based asset management firm Schroders has won approval from Chinese banking regulators to set up a US$24m fund management joint venture with the Bank of Communications Co, Reuters reported, citing the Financial News. The deal will be among China's first bank-run fund management groups, along with the similar SFB/Commercial Bank of China venture reported earlier. Beijing has been relaxing investment regulations in an attempt to develop its capital markets. BoCom would hold a 65% stake, Schroders 30% and China International Marine Containers Group 5%.