Australian investment manager QIC yesterday signed a memorandum of understanding with Chinese-based asset manager Ping An Asset Management Company.
QIC chair Don Luke said China was an important market for the company, and the memorandum of understanding (MOU) with Ping An Asset Management Company (PAAMC) would create new opportunities for investors in both nations.
“As investors grapple with the challenge of achieving adequate returns, we believe QIC’s specialisation in alternative assets will be of increasing interest to institutions such as PAAMC,” he said.
“In turn, the relationship between our two organisations can potentially open up new investment opportunities for Australian investors in China. We look forward to a long and deep partnership with PAAMC.”
The MOU will also allow each business to “leverage each other’s investment specialisations”, said PAAMC chair Fang Wan, with benefits to both Chinese and Australian investors.
“As China’s largest non-state owned asset management company, we have always attached great importance to international business,” he said.
“Australia is an important market for PAAMC and we are pleased to work with QIC.”
The wealth giant’s shares are in a trading halt as it prepares a capital raise, with rumours swirling that it is set to acquire MLC. ...