The final merger plan will be announced later this month or in early April, the newspaper said.
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The companies said they could not immediately comment when contacted by Reuters.
Chinese regulators have been encouraging consolidations in the financial industry to create globally competitive banks and asset managers.
Guotai Huaitong was created last year after Guotai Junan Securities acquired rival Haitong Securities.
A Chinese company is barred by rule from having controlling stakes in two mutual fund managers.
Huaan is China’s 16th biggest mutual fund company with more than 800 billion yuan ($115.9 billion) of assets under management.
HFT Investment, partly owned by PNP Paribas, has about 250 billion yuan in assets under management.
($1 = 6.9011 Chinese yuan)
Reporting by Shanghai newsroom; Editing by Kevin Buckland
Chinese fund managers Huaan and HFT Investment to merge, local media reports
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