Van Eck Global today announced it has entered into an agreement with Shanghai-based Shenyin & Wanguo Securities to create a Hong Kong joint venture fund management firm. According to Van Eck, the joint venture is the first ever that Shenyin & Wanguo - China's largest securities firm - has done with a U.S. mutual fund company. The new company, to be called Shenyin Wanguo Van Eck Asset Management, will offer asset management services to Asian clients.
According to the agreement, Shenyin & Wanguo will own 51% of the company and Van Eck Global, 49%.
