Merrill Lynch is to enter into a joint venture with Huaan Securities, Chinese stock brokerage based in Anhui Province. The joint venture wil...

Merrill Lynch is to enter into a joint venture with Huaan Securities, Chinese stock brokerage based in Anhui Province. The joint venture will trade in Chinese securities, including A shares (only available to domestic investors), bonds and offer merger and acquisition advice.

Merrill Lynch will have a 33 per cent holding in the new joint venture.

Most of the major global banks and financial firms are rushing to establish joint ventures with Chinese firms in anticipation of opening up of the financial services sector next year. Wealth management is expected to be one of the fastest growing areas when the doors open for foreign firms.