US firm in funds management venture

Prudential Financial is investing in a funds management joint venture with Everbright Securities, reported the Financial Times. The second largest US life insurer will take a minority 33 per cent stake in the fund. While this is currently the maximum shareholding permitted by Chinese regulators, foreign fund managers are likely to be allowed to increase their stakes by the end of 2004. Everbright-Prumerica Fund Management will be based in Shanghai.