Axa Investment Managers (Axa IM) has signed a memorandum of understanding with Shanghai Pudong Development Bank (SPDB) and Shanghai Dragon Investment (SDI) to set up an asset management joint venture in China.
Axa says that an increased presence in Asia is at the heart of its future growth strategy, and China, with its excellent long term economic growth prospects, will play an important role in helping it to realize its ambitions in the region.
SPDB is one of the largest commercial banks in China, while Shanghai Dragon is a Shanghai municipal government-owned investment company. Axa believes that their understanding of the Chinese market will be crucial to Axa IM’s success in executing the venture.
Axa IM is looking forward to working in partnership with both of these companies and laying the foundations for establishing a fund management company in China in the near future, says Stephane Prunet, head of the Asia Region and Japan at Axa IM.
Axa IM, a multi-expert asset management company, is one of the largest European-based asset managers. Present in 18 countries, the company had E448 billion under management at the end of March 2006.