Wilbur Ross' former firm thrives in China as he leads Trump's trade war
BOSTON, Aug 16 - The former investment company of U.S. Commerce Secretary Wilbur Ross has been flourishing in China, even as he marshals billions of dollars' worth of punishing tariffs in America's deepening trade war.
But American tariffs appear to have helped at least one Invesco steel investment in China, according to interviews and company disclosures. Four Rivers Investment Management, a joint venture led by WL Ross & Co and Baowu, China's largest steel producer by volume, took a 23.5% stake in Chongqing after the restructuring. Invesco and WL Ross & Co were listed as stakeholders in the partnership when Chongqing filed its annual report on March 29.
When asked in June about Wilbur Ross' role in leading the United States' trade war with China, Invesco chief executive Martin Flanagan acknowledged he was uncomfortable talking about his former colleague. He said he had not talked to Ross or Karen Dunn Kelley, Invesco's former fixed-income chief, who now serves as Ross' top lieutenant at Commerce, in more than 18 months.
The company first invested and managed money there in the early 1990s, and has raced ahead of BlackRock Inc, Fidelity International, JPMorgan Chase & Co Inc and Morgan Stanley, among others.
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