More Chinese insurers expected to set up AMCs next year
The approval of Sino-Life’s subsidiary signals that more such entities will be launched in 2011, with three firms rumoured to have applied already, says consultancy Z-Ben Advisors.
China is expected to allow more insurance firms to set up asset management subsidiaries next year after regulators ended a five-year hiatus by approving such a move for Sino-Life last week.
The nation’s eighth largest life insurer was granted permission by the China Insurance Regulatory Commission to start preparatory work on its asset management subsidiary, with the process forecast to be completed before the end of the third quarter of 2011.
Sino-Life AMC will become China’s 10th in…
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