August 16, 2019
By Tim McLaughlin
BOSTON (Reuters) – The former investment company of U.S. Commerce Secretary Wilbur Ross has been flourishing in China, even as he marshals billions of dollars’ worth of punishing tariffs in America’s deepening trade war.
U.S. money manager Invesco Ltd – for which Ross was a senior executive from 2006 until he joined Trump’s cabinet in February 2017 – has become the top foreign manager of Chinese money in China over the past year through its joint venture Invesco Great Wall Management, according to research firm Z-Ben Advisors, leaping ahead of Switzerland’s UBS .
It is an unlikely success story that Invesco executives say has nothing to do with government policy, but is instead rooted in the company’s decades’ worth of relationships in China.
Invesco maintains managerial control of its joint venture there, despite Chinese ownership limits. Last year the joint venture secured a lucrative 2018 listing on a huge Alibaba Group Holding Ltd money market platform, where its fund has amassed $14.1 billion in assets.
But American tariffs appear to have helped at least one Invesco steel investment in China, according to interviews and company disclosures.
In late 2017, Invesco, through its private equity arm WL Ross …read more
Source:: One American News Network