Fund managers Alliance Capital Management will enter the China market in a joint venture with China’s second largest insurer, Ping An Insurance Group. The joint venture is the first between a fund manager and an insurance company in China.
Alliance Capital will provide asset management experience to its Chinese partner in the joint venture, Alliance Capital’s global Chairman Lewis Sanders was quoted as saying in a Hong Kong newspaper.
Sanders said the venture will provide investment services for the insurer and fund investment services to high net worth clients and the central government. But he gave no details on the terms and timetable of the joint venture, saying regulatory approval had yet to be granted.
In 2004, China ‘s life assurance industry generated estimated total premiums of $39 billion, up 7.2 percent on 2003.