Royal Bank of Canada is to launch a new Chinese joint venture fund management company with China Minsheng Banking Corp. The business wil...

Royal Bank of Canada is to launch a new Chinese joint venture fund management company with China Minsheng Banking Corp.

The business will be based in Shanghai and will create, manage and sell mutual funds in local currency to retail and institutional investors in China.

RBC will hold a 30 per cent interest in the joint venture, China Minsheng Bank will hold a majority interest of 60 per cent, and Three Gorges Finance Company will hold the balance.

RBC said its China strategy is to make targeted investments in areas where it has global competitive advantages including global debt markets, global financial institutions, private banking and fund management.