Following president Xi Jinpingâ€™s call to further open Chinaâ€™s insurance sector at the Boao Forum last month, ICBC-AXA Life Insurance has announced it will establish a joint venture asset management company that will be registered in Shanghai.
The asset management firm will be wholly owned by ICBC-AXA Life.
Its registered capital will be Rmb100 million (US$15.7 million), the insurer said in a statement posted on its website on Friday.
Within the scope of the new businessâ€™ operations will be the management of renminbi and foreign currency funds entrusted by its clients, as well as managing its own yuan and foreign currency funds.
It will also carry out insurance asset management product business, and other business approved by the China Banking and Insurance Regulatory Commission and other departments of the State Council, or Cabinet.
The new arm is expected to boost the investment capacity of ICBC-AXA Life, the company said.
This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.