SSgA, China’s E Fund agree to cooperate on product development

SSgA

State Street Global Advisors signed a memorandum of understanding with Guangzhou-based E Fund Management to exchange information on product development for investors in China and overseas markets.

An SSgA news release Tuesday said the two firms will “jointly explore strategic opportunities across global markets, including China’s fast-growing fund management industry.”

Lochiel Crafter, executive vice president and Hong Kong-based head of Asia Pacific with SSgA, said in the release that the money manager will “partner with E Fund to craft multiasset product solutions” spanning passive, smart beta, active, alternatives and private equity capabilities.

A spokeswoman said Mr. Crafter wasn’t immediately available for further comment.

The news release said E Fund Management was the third-largest asset manager in China, with more than 1 trillion renminbi ($145 billion) in assets under management.

In 2013, SSgA took a 49% stake in a Beijing-based fund management joint venture with Zhongrong International Trust Co. SSgA sold its stake a year or so later, the spokeswoman said.