| 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. IGT was established in June 2003 following the relaxation of restrictions on the ownership of domestic fund management companies by foreign investors.