Qatar’s Sovereign Wealth Fund Agrees to Buy 10% of ChinaAMC
- Proposal has been submitted for China approval, people say
- Stake is worth at least $490 million, Citic Securities said
Qatar’s sovereign wealth fund has agreed to buy a 10% stake in China Asset Management Co., one of the nation’s largest mutual fund firms, according to people familiar with the matter.
The stake will be sold by private equity company Primavera Capital. The Qatar Investment Authority’s proposal has been submitted to Chinese regulators for approval, the people said, requesting not to be named as the matter is private. The price of the deal remains unclear.