Aussie fund manger AMP Capital and China Life joined forces and will set up a fund management company. Analysts say the insurer/fund manager partnership will be fruitful.
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Boasting a broader array of issuers based on credit fundamentals not just FX appreciation, the $25 billion offshore RMB bond market is catching the eye of insurers, among others.
China Life Pension has implemented new software for handling portfolio valuation and accounting, as it looks to develop its asset-management business.
While generally positive on the opportunities in Asia’s high-yield credit market, fund managers do have concerns, not least about the risks of CNH bonds.
This aggressive expansion into fund management may give PICC a head-start over rival mainland insurers China Life and Ping An.
The partnership involves Ping An buying a 50% stake in Value Partners' Sensible Asset Management Hong Kong.
Write-downs have cost China Life, Ping An and China Pacific Rmb30 billion ($4.4 billion) this year, not withstanding mark-to-market and foreign exchange losses.
Reports in other media of PearceÆs departure from Shenzhen-based Ping An Group are pure rumour.
Li Kenan has resigned from First State Cinda to be reunited with ex-CEO of Colonial First State John Pearce in the Ping An Group.
The Chinese insurance company pays $3.32 billion for the stake in Fortis's asset management subsidiary, gaining access to a business with $378 billion of assets under management.
The Chinese insurer pays $2.65 billion to become the largest shareholder in Fortis in a deal which both parties are calling highly synergistic.
PingAn Group's CIO says Value Partners will be a preferred product provider for its QDII funds, adding he is comfortable with Hong KongÆs outlook in 2008.