Warburg Pincus Takes Stake in Shanghai Mutual Fund Manager

U.S. private equity (PE) giant Warburg Pincus LLC has become the largest institutional shareholder of a Shanghai-based mutual fund management firm, making it just the latest global asset manager to expand its foothold in China’s 27 trillion yuan ($3.8 trillion) mutual fund industry.

Warburg Pincus has completed the acquisition of a 23.3% share of Lombarda China Fund Management Co. Ltd. from Italian bank Intesa Sanpaolo SpA, the U.S. company said in a Thursday announcement on its WeChat account.