AMP Capital China JV pays dividends
The joint venture between big China insurer China Life and AMP Capital — China Life AMP Asset Management Company Limited — has taken its next step with the launch of its first mutual fund.
The new product, the China Life AMP Money Market Fund, will invest in a range of short-term investments such as liquid short-term bonds and cash deposits on behalf of both retail and institutional customers.
Commenting on the launch of the new fund, AMP Capital chief executive Stephen Dunne said he was pleased to see the product brought to market just months after the establishment of the joint venture arrangement.
"The China Life AMP Money Market Fund analyses macroeconomic factors, monetary policy and credit supply to make a judgement on the trend of the yield curve while taking into consideration liquidity and the risk profile of different instruments," he said.
"It will appeal to investors who are looking for both yield and liquidity. We are very pleased with the level of support we've seen and look forward to providing Chinese domestic investors with additional investment products down the track."
AMP Capital holds a 15 per cent stake in the joint venture while China Life Asset Management Company Limited holds the rest. It is China Life's first joint venture in mainland China with a foreign partner in funds management.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
