BEIJING (XFN-ASIA) - China Life Asset Management Co. Ltd has been approved to establish an asset management company with Franklin Templeton Strategic Investment, the China Insurance Regulatory Commission (CIRC) said in a statement on its website.
China Life AMC is the asset management firm of the China Life Group and is the largest asset management company in the Chinese insurance sector.
The new joint venture firm will have total registered capital of 60 mln hkd, the statement said.
China Life AMC is the largest shareholder, with a 50 pct stake, Franklin Templeton will hold 26 pct, and China Life Insurance (Overseas) Co. will own 24 pct.
( 1 usd = 7.8 hkd)
juan.chen@xfn.com