Bank of China appoints Changjiang as EA consultant
21 November 2013
Category: News, China
By Hui Ching-hoo
Changjiang Pension Insurance announced on November 19 that it has been appointed as sole investment consultancy for the Bank of China’s (BoC’s) enterprise annuity (EA) scheme.
The appointment means Changjiang Pension Insurance is the first EA institution to take responsibility for the investment advisory tasks of more than three state-owned Mainland banks; BoC, Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China. The total AUM of the lenders’ EA schemes totals more than 10 billion RMB (US$1.58 billion).
The deal comes four months after Changjiang Pension Insurance won the tender to become EA manager for state-owned petrochemical giant Sinopec in August.
Changjiang Pension Insurance is one of the largest pension and EA managers in China. It had custodian assets of 36.3 billion RMB and total AUM of 35.1 billion RMB as of the end of 3Q 2013.