China Life and AMP launch Mainland fund management JV
08 October 2013
Category: News, Asia
By Asia Asset Management
China Life AMP Management, a new JV fund management entity formed between Australia’s AMP Capital and the PRC’s China Life Asset Management, is expected to launch in October, following application approval from the China Securities Regulatory Commission (CSRC) on September 30.
Under the partnership, AMP Capital will hold a 15% stake in the JV, with the remainder held by China Life Asset Management, a subsidiary of China Life Insurance.
AMP Capital and China Life Asset Management are the first two firms to take advantage of the newly released ‘Interim Provisions on the Management of Publicly Offered Securities Investment Funds by Asset Management Institutions’, which came into effect on June 21. The measure allows insurance companies in China to establish fund management companies offering public mutual funds for both retail and institutional investors.
China Life AMP Asset Management will be China Life’s first JV in mainland China with a foreign asset management partner. Zuo Jiqing, general manager of fixed income at China Life Asset Management, will be appointed to head the JV.
AMP CEO Craig Dunn has previously noted that the establishment of a fund management JV in China would be a strategically significant move for AMP Capital, giving the company access to the world’s second largest and fastest growing major economy.