Ping An Insurance (Group) will team up with the Alliance Capital Management, one of the world's largest fund management companies, to set up a joint-venture in the mainland China, according to Chief Executive Lewis Sanders in Alliance Capital, according to the unlinkable SCMP.
While he didn't reveal the terms of the cooperating, his words could partly show the purpose of the joint venture.
(1) "I do think the joint venture...will allow us to provide our asset management experience and knowledge to our partner"-Mr. Sanders
Hong Kong-listed Ping An, the second largest insurer in China will probably be advised by Alliance Capital to invest its US$ 1.75 billion overseas. It has been approved by the State Administration of Foreign Exchange in January. Ping An, definitely, needs a global partner to improve its investment skill. Alliance Capital also will benefit from the management of the large amount of money.
(2) "We have to get the first-hand knowledge of the Chinese market to our fund managers around the world to ensure we can continue to be a successful fund management company globally"-Mr. Sanders.
The evaluating of the risk when investing in mainland China will surely on the agenda of every fund managers. They want to be a pioneer in analyzing the market because only a few fund management companies has already been in China. The news reports obviously don't satisfy the managers.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment