Barclays eyes China asset management JV

Barclays is planning an expansion into the mainland China asset management industry and is still looking for a joint venture partner. The British lender is seeking a Chinese banking partner to set up its majority-owned venture via its unit Barclays Investment Managers (BIM), which has existing operations in Europe and Japan. Barclays is planning to set up an asset management joint venture in mainland China, with Shanghai-based Cherry Zhu, who was previously a Singapore-based sales director at Northern Trust Asset Management, taking the lead. Barclays is the latest foreign bank to join other global financial institutions that have recently entered mainland China’s asset management industry through joint ventures. Barclays also injected USD105m of operating capital into its Shanghai banking branch.