Schroder BOCOM Wealth Management on Wednesday (January 26) received approval for business commencement from the China Banking and Insurance Regulatory Commission (CBIRC), becoming the third Sino-foreign joint venture wealth management company in the country.

The firm is registered in Shanghai with a capital of 1 billion yuan (US$158.17 million). Schroder Investment Management holds a 51% stake in the company while Bank of Communications Wealth Management owns the remaining 49%.

Schroder BOCOM Wealth Management says it will leverage the complementary expertise and strengths of both shareholders across multiple disciplines, from client resources, product design, and investment capabilities to risk management.