Scotiabank joint venture with Bank of Beijing approved

Scotiabank today announced that along with its joint venture partner Bank of Beijing, the Bank of Beijing Scotiabank Asset Management Co. Ltd. has received regulatory approval for a license to operate as a fund management company in China.

This is the first fund management license issued in China under a new round of pilot programs allowing commercial banks to set up fund management companies.

As part of this joint venture, Bank of Beijing holds a majority interest in the fund management company while Scotiabank and General Research Institute for Nonferrous Metals both hold minority stakes.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.