Fund management companies Martin Currie and APS Asset Management announced on Wednesday plans to set up a strategic partnership to expand in China.
The two companies said they had signed a memorandum of understanding to form an independent China 'A' share and Greater China active equity management business. The deal is expected to be completed by the end of September, subject to regulatory approval.
APS Asset Management is a Singapore-based company while Martin Currie is an Edinburgh-based group which manages some 10 billion pounds ($15.8 billion) of equity portfolios.
We have been investing in China for almost two decades and have built up a valuable network of relationships and a deep body of expertise and knowledge. This new partnership will allow us to further strengthen our overall offering by partnering with one of the most highly regarded specialists in Chinese equities, Martin Currie's chief executive, Willie Watt, said in a statement. ($1 = 0.633 British Pounds)