Ping An Plans JV with UOB
Ping An Securities, the securities arm of Ping An (Group) Co, plans a joint venture fund management company with Singapore-based UOB Asset Management.
As a unit of Singapore’s United Overseas Bank, UOB Asset Management is the largest asset management company in Singapore.
Ping An, China’s second largest insurer, has been planning to enter the fund management business after it expanded its business to securities, banking and trust. Last year, it acquired a 9% stake in Hong Kong-based asset management firm Value Partners, becoming its strategic investor.
“This move by Ping An proves its commitment to be a financial holding company,” said Luo Yi, an analyst with China Merchants Securities. “Ping An’s existing marketing channels will be the new company’s strong back-up. Meanwhile, the fund management company could also sell Ping An’s insurance policies.”
In addition to Ping An, the country’s largest life insurer China Life is also actively preparing a fund management company.
The increasing presence of joint ventures in China demonstrates the business potential of the Chinese market. For all businessmen looking for opportunities in China, BPOVIA Ltd is always ready to provide its professional services and excellent virtual assistants.
Popularity: 12%