China’s biggest insurer, China Life, and AMP Capital will be establishing a new funds management company in China soon. The new company will be called China Life AMP Asset Management Company and AMP will have a 15% stake in the new company. The balance will be held by the China Life Asset Management Company.
As AMP said in a recent statement, “Total assets under management in China’s mutual fund industry is expected to reach $0.8 trillion in 2013 growing at 15 per cent per annum to reach almost $1.5 trillion in 2017.”
The deal is going to be China Life’s first joint venture in mainland China. Before being finalized, the joint venture will go through regulatory approval by the China Securities Regulatory Commission.
As Mr. Dunn said, “The funds management joint venture represents the commercialisation of our memorandum of understanding with China Life and is the ideal balance of our mutual strengths and capabilities.”