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A tale of two worlds: China's markets

China's domestic stock markets are a mess, riddled with inefficient companies, gerrymandered by a meddling government and hamstrung by a vast share overhang. Despite these challenges, Invesco Great Wall Fund Management Company has found a way to make money from stock picking. Much of its success rests on simply understanding the realities of its market. Chris Leahy reports.

The joint venture line-up

Shum: The benefit of a good local
partner is that it gives you a good
profile, if not full control

GIVEN THE PIONEERING nature of the fund management business in China's large but unruly domestic stock markets, it seems appropriate that the offices of Invesco Great Wall Fund Management Company (IGT) are in the frontier town of Shenzhen, just across the Shing Mun river from its salubrious neighbour, Hong Kong. The offices of IGT, one of the early entrants to the market, certainly look the part. Aside from two huge toy bulls that guard the reception area, each sporting Invesco Great Wall rugby shirts, the remainder of the floor is given over to the trading desks and computer screens one expects to see in any serious fund management operation.

Amvescap, the parent company of Invesco Asia, is certainly taking its China joint venture with local securities firm Great Wall Securities seriously. Based in the US, Amvescap is one of the world's largest independent fund managers, with assets under management of more than $374 billion.

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