AMP to set up funds management business in China with China Life
SYDNEY, Sept 2
SYDNEY, Sept 2 (Reuters) - Australian insurance and wealth manager AMP Ltd plans to set up a funds management company in China with China Life Insurance Co Ltd , the company said on Monday.
It would be the first of its kind since China opened the door in June for insurance companies to offer funds management businesses, AMP said in a statement.
AMP will hold 15 percent of China Life AMP Asset Management Company, the joint venture it is setting up with a subsidiary of China Life.
China Life is the world's biggest insurer by market capitalisation.
"A funds management joint venture in China is a strategically significant move for AMP, giving us direct access to the world's second largest and fastest growing major economy," said AMP Chief Executive Craig Dunn.
The joint venture has received approval from the China Insurance Regulatory Commission and is still waiting for the nod from the China Securities Regulatory Commission, AMP said. (Reporting By Maggie Lu Yueyang; Editing by Chris Gallagher)