Russell, Ping An end China-based joint venture

Russell Investments and China-based financial services conglomerate Ping An Insurance Co. of China agreed to end a joint venture they established in 2011, Russell spokesman Steve Claiborne said in an e-mail.

Ping An has purchased Russell Investments' 49% ownership stake in Ping An Russell Investment Management Shanghai Ltd.

The firm is a Shanghai-based institutional asset manager focused on mainland China companies. It offers equity, fixed-income and multiasset class strategies.

Russell Investments still plans to do business in the region. The firm established a wholly foreign-owned enterprise in Shanghai that will open in July. The new subsidiary, Russell Investments Advisors Shanghai Ltd., will offer the same investment strategies the joint venture does.

The new firm also will provide investment management for qualified foreign institutional investors and renminbi-qualified foreign institutional investor funds.

Ping An Russell had $1.3 billion under management as of Dec. 31.