Funds News

Invesco WL Ross in JV with China's Huaneng Capital

Sept 16 (Reuters) - Invesco WL Ross, a partnership between Wilbur Ross's WL Ross & Co and investment manager Invesco IVZ.N, said it formed a joint venture with a unit of power producer China Huaneng Group, Huaneng Capital Services.

The 50-50 joint venture, called Huaneng Invesco WLR Investment Consulting Company Ltd, will seek private equity business opportunities in China.

Invesco has $461 billion in assets under management, and U.S.-based WL Ross manages more than $8 billion in funds targeting distressed opportunities, a statement issued by Invesco said.

Huaneng Capital Services manages financial assets and enterprises of China Huaneng Group and provides financial support for the group’s energy business. (Reporting by Varsha Tickoo in Bangalore, Editing by Jacqueline Wong)