21 February 2020

Brown Brothers Harriman, ICBC sign China funds deal, WSJ says

United States bank Brown Brothers Harriman & Co. (BBH) has signed an agreement with Industrial and Commercial Bank of China Ltd. (ICBC) that would enable its clients to help some of the world’s biggest asset managers increase their access to China, the Wall Street Journal reported Monday. The deal comes as the Chinese government considers opening up the country’s mutual fund market to foreign investors. Under current rules, foreign fund managers can get access to Chinese investors only through joint ventures with Chinese firms. In the deal with ICBC, China’s largest bank by assets, BBH will offer back-office and other services for Hong Kong-domiciled funds. 

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