22 January 2019

Trust firms eye stakes in 3rd-party wealth mgmt cos, paper says

Some trust companies in China are considering buying stakes in third-party wealth management firms amid worries that regulators may put an end to the practice of trust product sales through third-party agents, National Business Daily reported Thursday, citing unidentified sources. Regulators are drafting rules to tighten marketing channels of trust firms, it said. An official with Zhong Tai Trust was quoted as saying that regulators hope trust companies will enhance their own marketing capabilities. Zhong Tai Trust itself does not rule out the possibility of acquiring a third-party wealth management company.

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