Prudential and CITIC in JV

Insurance group Prudential said it has received approval from the China Securities Regulatory Commission to set up a fund management joint venture with mainland financial services group CITIC, AFP reported. Prudential and CITIC will hold equal stakes in the CITIC Prudential Fund Management Company, with the remainder held by China-Singapore Suzhou Industrial Park Venture Company and Suzhou New District Economic Development Group. The company will offer retail investment products across China. Prudential did not disclose financial details of the deal.