China Pacific's Unit to Buy 51% Stake in GTJA Allianz Fund Management

By Joanne Chiu Features Dow Jones Newswires

A unit of China Pacific Insurance (Group) Co. has agreed to pay 1.05 billion yuan ($152 million) for a controlling stake in a fund management company from Guotai Junan Securities Co..

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China Pacific said after markets closed Thursday that it agreed to buy GTJA Allianz Fund Management Ltd. via a public tender on Shanghai United Assets and Equity Exchange.

Established in 2003, GTJA Allianz Fund is the first sino-foreign fund management joint venture approved to be set up in China with a registered capital of CNY150 million.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

April 27, 2017 21:58 ET (01:58 GMT)