Schroders, the UK fund manager, has taken a 30% stake in a joint venture with the Bank of Communications, China's fifth-largest lender, in a bid to distribute new investment products in the $40bn (€32bn) Chinese fund industry.

The Chinese bank, which is planning to raise $1.9bn (€1.5bn) in an IPO later this month, will own 65% while the remaining 5% will be owned by the China International Marine Containers Group.