This year’s top 10 stories included a peek into AustralianSuper’s international equities build out in London, AMP’s move to slash employee benefits, and plenty of hard-hitting analysis of the issues that matter in institutional investment. But the real story is how readers helped shape all of that coverage.
Orbis’ Stuart Place is riding from Melbourne to the Moon and Back to fund a treatment for the “monster of a disease” that his youngest son was born with. The investment industry is rallying behind him.
AMP lurches ahead with China funds JV
After what has appeared to be a long hiatus, AMP is moving ahead with plans to offer asset management services to the Chinese market through its strategic alliance with China Life.
A public disclosure last week for approval of a business name registration for China Life-AMP indicates the two are likely to go ahead with a joint venture funds management company, according to Chinese research firm Z-Ben Advisors.
Z-Ben told clients: “(we) believe that the new firm is a potentially disruptive competitor that may provide an entirely new model for JV fund management company operations in China. The combination of a large, bank-independent distribution base and strong long-term partnership is a powerful one, and comes at a time when distribution bottlenecks and capital starvation have blighted post-2008 JVs’ business plans. Competitors will watch its progress closely.”
Chinese authorities have recently streamlined and sped up the application processes for various financial services licenses. Z-Ben believes it is possible China Life-AMP could be fully operational by the end of the year.
The big five Chinese banks control most of the distribution of managed funds in China, but the less-powerful life offices offer a potential alternative channel.
Other Chinese life offices to so far formulate relationships with other asset managers are: PICC, Ping ‘An, Taikang and Huatai. Z-Ben says the prospective partnership pool also includes: China Pacific, Taiping, China Re, New China, Minsheng, Anbang, Sino-Life, Union Life and Sunshine.
AMP set up an office in Beijing in 1997 and announced a strategic alliance with China Life in 2009 for asset management and pensions but progressing a range of funds to the market has, until now, been very slow.
