Barclays Plans To Enter This Lucrative $4.3 Trillion Asset Management Market: Report - Barclays (NYSE:BCS)

Barclays Plc BCS is seeking a Chinese banking partner to set up an asset management joint venture in the country, Reuters reported citing two people with knowledge of the matter.
If successful, Barclays will join the wagon of other financial firms planning to or have started operating in the $4.3 trillion bank-dominated asset management market.
The report said that Barclays' majority-owned China asset management venture would be set up via its unit Barclays Investment Managers (BIM), which currently operates in Europe and Japan.
A third source said that Barclays recently hired Cherry Zhu in Shanghai to build out BIM's business in China. BIM's products are mainly aimed at institutional investors.
Barclays declined to comment specifically on Reuters' query about its plan for a China asset management joint venture but said it has been expanding its presence in the country.
In its latest annual report, Barclays said that China was one of the international markets aiming to expand its corporate and investment banking business presence, along with the Middle East.
Price Action: BCS shares are down 0.28% at $7.21 during the premarket session on the last check Thursday.
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