AMP Signs MOU For Strategic Cooperation With China Life

For partnership in asset management and pensions

AMP has signed a Memorandum of Understanding (MOU) for Strategic Cooperation with China Life Insurance (Group) Company, the insurance group in China. The MOU for Strategic Cooperation between AMP and China Life Group outlines areas for partnership in asset management and pensions.

The company said that the Chinese pension market is undergoing a structural change as the authorities make available a broader investment universe to pension funds. The size of the potential opportunity for the company will depend on the future Chinese regulatory environment and agreement with China Life.

Reportedly, China Life Asset Management Company was appointed as AMP's local Chinese investment adviser for the Qualified Foreign Institutional Investor (QFII) licence in October 2006. China Life Asset Management Company also sources infrastructure opportunities for AMP’s Asian infrastructure funds.

According to the company, it continues to expand its international investment capabilities and strategic growth aspirations in Asia through offering clients access to investment opportunities. This includes establishing partnerships where appropriate in target markets.

Craig Dunn, chief executive of AMP, said: “AMP’s agreement with China Life offers significant potential for AMP to grow its business in partnership with Chinal Life in the world’s fastest growing economy, with China’s private pensions market expected to grow to A$1 trillion by the year 2030.

“Our relationship with China Life has already seen our clients benefit from the unique opportunities that have ensued through the AMP Capital China Growth Fund. China Life is the natural choice as a partner to explore broader opportunities across pensions and other areas of asset management.”