French asset management giant Amundi has announced the launch of its wealth management joint venture in China, beating rival Blackrock which has also applied for permission to operate in the country.

Amundi’s joint venture is with Bank of China subsidiary BOC Wealth Management – with Amundi holding a 55 percent stake while BOC Wealth Management holds the remaining 45 percent stake.

‘Amundi BOC Wealth Management Company’ will start trading from October and will be the first foreign majority-owned company in China allowed to design and offer wealth management products.

The project was first approved by C...