The Shanghai Administration of Industry and Commerce has given a unit of Prudential Financial Inc. final approval to increase its ownership stake in a fund manager in China to 45%, from 33%.
The investment management arm of Prudential, Newark, N.J. (NYSE:PRU), is buying 12% of Everbright Pramerica Fund Management Company Ltd., Shanghai, from Everbright Securities Company Ltd., Shanghai.
Everbright Pramerica was founded in 2004 and is a joint venture of Everbright Securities and Prudential.
Prudential won the right to acquire the 12% stake in Everbright Pramerica through a bidding process conducted through the Shanghai United Assets and Equities Exchange, Prudential says.
Prudential also has a representative office in Beijing, a real estate consulting arm in Shanghai, a relocation business in Hong Kong, and a partnership in a Chinese private equity fund.
- Allison Bell