Ping An, the Chinese financial services conglomerate, and Dutch-Belgian bank and investment manager Fortis have signed the final agreement creating a joint asset management partnership. Under the deal, Ping An acquires a 50 per cent equity stake in Fortis Investments, the global asset management arm of Fortis, for €2.15 billion ($3.36 billion). Mr Peter Ma Mingzhe, chairman and chief executive of Ping An said: “Ping An will immediately establish a global asset management business platform that covers various major financial markets in the world through competitive distribution networks from both institutions. With joint efforts from Ping An and Fortis, Fortis Ping An Investments will enter into a new era of solid growth, and firmly establish itself as a leading global asset management company.” Fortis Ping An Investments, will have an investments’ board comprised of 12 directors; six non-executive, two executive and four independents. Fortis and Ping An will each nominate three non-executive directors and propose two independents. The senior management of the company will remain unchanged and will benefit from the Asian expertise of key Ping An executives. The completion of the transaction remains subject to regulatory approval and is expected to close at the end of the second quarter, or early in the third quarter, of 2008.