New Sino-Foreign Joint Venture Mutual Fund Emerges: Bank of Shanghai Asset Management Equity Change Finalized

Another "bank-affiliated" mutual fund welcomes a heavyweight international capital partner. On April 17, 2026, Bank of Shanghai Asset Management announced that the industrial and commercial registration for its equity change has been formally completed. Consequently, the internationally renowned financial giant—Santander Investment Holdings S.L.—has officially secured a 20% equity stake. From its initial status as a "domestic joint venture," through a brief period of being a "wholly bank-owned" entity, to now becoming a "Sino-foreign joint venture" mutual fund, this transformation injects international potential into Bank of Shanghai Asset Management's future development. Foreign Investor Acquires 20% Stake in Bank of Shanghai Asset Management On April 17, Bank of Shanghai Asset Management announced the equity change. Approved by the China Securities Regulatory Commission's "Reply on Approving the Change of Shareholders Holding More Than 5% in Bank of Shanghai Asset Management Co., Ltd." (Zheng Jian Xu Ke [2026] No. 403), the company's shareholder, Bank of Shanghai, transferred its 20% stake in the company to Santander Investment Holdings S.L. Following this equity transfer, the shareholding structure of Bank of Shanghai Asset Management is as follows: Bank of Shanghai contributes 240 million RMB with an 80% stake, remaining the largest shareholder and actual controller; Santander Investment Holdings S.L. contributes 60 million RMB with a 20% stake, officially becoming the company's second-largest shareholder. The announcement notes that the company has made corresponding amendments to its Articles of Association. The equity transfer and the amendment of the Articles of Association have been completed according to regulations regarding industrial and commercial registration changes. Thus, Bank of Shanghai Asset Management has officially transformed into a Sino-foreign joint venture mutual fund. Who is Santander? It is reported that Santander Investment Holdings S.L., which acquired the 20% stake in Bank of Shanghai, is an affiliate of the Spanish Santander Group. The Santander Group is a major financial group in Spain and Latin America, founded in 1857. With over 160 years of history, it operates globally. The group serves approximately 178 million customers and has 3.5 million shareholders. Santander Bank is the core of the group, ranking first in Spain by total assets and among the top globally by Tier 1 capital (ranked 20th by The Banker magazine in 2023). Bank of Shanghai Asset Management was established in August 2013. At its inception, it was jointly initiated by Bank of Shanghai and China National Machinery Industry Corporation (hereinafter referred to as Sinomach), with Bank of Shanghai holding a 90% stake and Sinomach holding a 10% stake. In July 2023, Bank of Shanghai purchased the 10% stake held by Sinomach in Bank of Shanghai Asset Management. Upon completion of the transaction, Bank of Shanghai held 100% of the equity in Bank of Shanghai Asset Management. Now, by transferring another 20% stake to Santander Investment Holdings, Bank of Shanghai Asset Management has transitioned from its initial "domestic joint venture" status, through a short-lived "wholly bank-owned" phase, to its current "Sino-foreign joint venture" status. This appears to be a proactive measure to optimize the governance structure of the public mutual fund. What Will Foreign Shareholders Bring? Previously, Bank of Shanghai Asset Management was perceived as a steady "bank-affiliated" mutual fund. Data from Wind shows that as of the end of 2025, Bank of Shanghai Asset Management had non-money market fund assets under management totaling 165.1 billion yuan, ranking 31st in the industry. The fund holds numerous well-known fixed-income products, exhibiting typical characteristics of a "bank-affiliated" fund. With the entry of Santander, a global financial giant, new horizons have opened for the future development of Bank of Shanghai Asset Management. In 2023, Bank of Shanghai Asset Management received approval for Qualified Domestic Institutional Investor (QDII) qualifications, allowing the company to engage in overseas securities investment management business as a QDII. It remains to be seen whether, leveraging its new shareholder, the fund will provide domestic investors with more diversified cross-border investment tools, potentially altering its relatively single business structure and establishing a second growth curve. Risk Warning and Disclaimer Investment involves risks; caution is advised. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions presented herein align with their specific circumstances. Any investment decisions made based on this content are the sole responsibility of the user.