Others, such as John Crossman, general manager of Jardine Fleming Securities in Shanghai, are less concerned.
However, Jardine Fleming had just been bought by Chase Manhattan, which in turn merged with J.
Jardine Fleming, a sister company of Britain's Robert Fleming, is the only firm which qualifies for that status.
"This is completely absurd, " says Eugene Chung of Jardine Fleming Securities in Seoul.
Enter Luis Juan Virata, chairman and CEO of Jardine Fleming Exchange Capital Group.
Of the three, Jardine Fleming's Leu tips the Acer Group as the best placed because of its huge Asian presence.
"It's exciting, there are going to be many changes, " says Srivatsa Kumar, oil analyst with Jardine Fleming India Broking in Bombay.
Huaan began negotiating with a team that came mostly from Jardine Fleming Asset Management, a British firm with long experience in Asia.
The handful of fund houses with well-developed marketing skills Jardine Fleming, Schroders, Fidelity, Templeton are able to do a modest business selling funds direct to retail customers.
This is why Flemings, for instance, is trying to cosy up closer to its sister company, Jardine Fleming, in which it has a 50% stake.
As it ventures abroad to take on the likes of Toyota, its sales per employee are only one-fourth as high as Toyota's, figures Jardine Fleming Securities in Seoul.
"It sends a very scary message to all the chaebol owners that 'This could happen to you, '" says James Han, a financial analyst at Jardine Fleming Securities in Seoul.
Now, three foreign fund providers Jardine Fleming, Merrill Lynch and Fidelity have been admitted, but only after signing exclusive deals with local securities firms through which they must distribute their products.
"The prosperity of Asian banks is due not to good management or innovation, but to protectionism and cartels, " says Robert Zielinski, research chief of Jardine Fleming brokerage firm in Singapore.
Next year, profits will drop as a result of large-scale spending and borrowing to finance expansion, but they should rise substantially in 2002, according to projections made by Jardine Fleming Philippines.
Once again, however, it is only those fund managers with the most clout that have been able to gain access: Jardine Fleming, Fidelity and Bankers Trust, which does a thriving business in Australia.
Trikona hired 30 people in India and put in charge a former chief executive of Jardine Fleming's asset-management operations in India, Mahesh Gandhi, who had been running his own real estate advisory firm for several years.
As Jardine Fleming, a Hong Kong stockbroker, points out, the creation of red chips is merely a continuation of a trend that began in the early 1970s with a big increase in the number of listed companies controlled by Hong Kong Chinese families.
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