PICC buys 48% Da Cheng stake for $205 million

When Zhonghai Trust began looking for an exit from its 48% stake in Da Cheng Fund Management -- one of the five remaining 'old 10' Chinese fund houses not in foreign hands -- one of the firm's shareholders, Everbright Securities, knew who to call. The board at Everbright contacted a former employee, Zhou Liqun, now president at PICC Asset Management. Zhou also holds the key roles of chairman at PICC Investment Holdings and head of the investment committee at parent company PICC. Befo…