UOB unit forms fund JV in China

United Overseas Bank said today its UOB Asset Management unit had been approved to set up a joint venture fund management firm in China with China Ping An Trust Co. and Sanya Yingwan Tourism Co.

The joint venture, named Ping An UOB Fund Management Co., will have a paid up capital of 300 million yuan ($59 million), in which UOB Asset will hold a 25% stake.

Ping An Trust, a unit of Ping An Insurance (Group) (2318.HK), and Sanya Yingwan will hold 64% and 11% of the remaining shares respectively.