Nomura Holdings and London-based Ashmore Group are bidding for a stake in China’s SYWG BNP Paribas Asset Management, a joint venture of Shenyin & Wanguo Securities and BNP Paribas Asset Management, reported Reuters citing people close to the matter.
Both the firms aim to foray into the nation’s $400bn funds market. Analysts estimate that the 33% stake, which attracted interest from more than dozen potential domestic and overseas bidders, is worth approximately $44m.
BNP Paribas intends to sell the stake because foreign investors are barred to own more than one fund venture. At present, the France-based bank owns two and is being requested by regulators to comply with the regulations by the end of March 2010, reported the news agency.
