Morley signs China JV fund deal

Morley, the fund management arm of UK-based insurer Aviva, has signed a deal with two Chinese firms to start a joint-venture fund management company in China, Reuters reported. Though no financial details of the agreement were disclosed, the joint venture between Morley, China National Oils, Foodstuffs and Cereals Corp (Cofco) and Dongguan Trust and Investment Co will be located in Shanghai, with 40% of equity owned by Morley and the remaining 60% split evenly between the Chinese partners. Morley is currently applying for a license to buy Chinese stocks under the Qualified Foreign Institutional Investor scheme, and the joint venture is expected to begin operations in the second half of this year.