By Reuters Staff 3 Min Read SHANGHAI (Reuters) - Schroders said on Monday it had received Chinese regulatory permission to form a majority-owned wealth management venture with a unit of Bank of Communications (BOCOM), the country’s fifth biggest lender. FILE PHOTO: The company logo is seen at an office of Bank of Communications in Beijing, China, August 27, 2020. REUTERS/Thomas Peter The announcement came days after Schroders applied to set up a wholly-owned mutual fund business in China, where the government fully opened up its giant financial sector to foreign companies last year. “Schroders has long been committed to the Chinese market,” Peter Harrison, Schroders Group Chief Executive Officer, said in a statement.