HONG KONG - Power Corporation of Canada has shut its China investment unit and dismissed all staff, said two people briefed on the matter, becoming the latest Western financial firm to pull back amid the country's economic challenges.
It is not immediately known how much assets the onshore arm managed. The group utilised the platform to not only invest on behalf of onshore clients but also offshore clients, one of the two people said. The Power group of companies has investments in China through one of its subsidiary's 27.8% holding in China Asset Management Company , China's second-largest mutual fund manager.Power Corp had in recent months turned more pessimistic about the investment business amid China's faltering economic growth and rising geopolitical uncertainties, the people said.
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