AMP ties up with China Life in strategic move
Print Edition
Australia-based AMP Capital and China Life Insurance Co, the nation’s largest insurer, have gained approval from the insurance regulator to start the Chinese mainland’s first insurer-run fund company.
AMP will invest A$15 million (US$13.4 million) for 15 percent in China Life AMP Asset Management Co while the Chinese insurer will hold the rest, AMP said in a statement yesterday.
“A fund management joint venture in China is a strategically significant move for AMP, giving us direct access to the world’s second largest and fastest growing major economy,” AMP’s chief executive officer Craig Dunn said in the statement.
The joint venture may start selling products by the end of this year pending approval from the China Securities Regulatory Commission. It will be China’s largest fund firm if it meets the registered capital of 588 million yuan.
The partners are tapping regulations that allow insurers in China to start mutual funds for retail and institutional investors, AMP said.
The partners see huge potential in China’s mutual fund sector where assets under management may increase 15 percent annually in the next five years to nearly 8.3 trillion yuan in 2017.
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