AMP extends China reach
AMP Limited has extended its reach into China, announcing today that it had become the first foreign financial institution to sign a memorandum of understanding (MOU) for strategic cooperation with China’s largest listed life insurance company — the China Life Insurance Company.
AMP said the arrangement would provide scope for partnership in the areas of asset management and pensions.
Commenting on the arrangement, AMP chief executive Craig Dunn said it offered significant potential for AMP to grow its business in partnership with China Life in what represented the world’s fastest-growing economy and in circumstances where China’s private pensions market was expected to grow to $1 trillion by 2030.
He said while AMP had held a market presence in China since 1997, the announcement represented a significant milestone in the development of its Asian strategy, with AMP working closely with China Life to explore opportunities.
Dunn said AMP’s pre-existing relationship with China Life had already seen its clients benefit from the unique opportunities provided by the AMP Capital China Growth Fund, and the memorandum of understanding would enable AMP to partner to explore broader opportunities across pensions and other areas of asset management.
AUTHOR
Mike Taylor
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