A majority stake in Ashmore-CCSC Fund Management Company has been sold to Taiping Asset Management, which is under state-owned China Taiping Insurance Group, according to a document from the China Securities Regualtory Commission website. (in Chinese)
Taiping now has a controlling stake, holding 66%, and the original stakeholders, Central China Securities and London-based Ashmore Group, hold 17% each.
Meanwhile, Huatai Insurance Group last month also received approval from the CSRC (in Chinese) to set up Huatai Baoxin Fund Management Company.
The insurer holds an 80% stake while the rest is owned by five asset managers.
More insurers are showing interest in setting up mutual fund operations. China Pacific Insurance Group, for instance, is considering taking a stake in GTJA Allianz Funds, which is a joint-venture between Allianz and Guotai Junan Securities, according to state-run Shanghai Securities News.
Anbang Insurance Group, which was well known for initiating a hostile takeover of China’s largest developer Vanke, is also applying for a mutual fund license, 21st Century Business Herald reported.
Regulators relaxed the rules in 2003 to permit insurers to move into the mutual fund business, Since then, a few have made the move either by applying for a license under the insurance group or through their asset management arm or by acquisitions of existing fund houses.
