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QIC in MOU with China’s PAAMC
Queensland-based investment manager QIC has entered into a key arrangement in China.
The company announced today it had signed a Memorandum of Understanding (MOU) with the asset management business of China's second largest insurer, Ping An Asset Management Company (PAAMC).
The announcement said it was the first time QIC had entered into an understanding with a Chinese asset management institution with QIC Chairman, Don Luke stating it represented an important next step in the relationship between our two organisations.
"It is believed the MOU is a milestone in the relationship between Australian and Chinese investment institutions," he said.
"China is an important market for QIC given the rapid growth in Chinese domestic investment capital and increasing capital mobility between the nations."
"Australia is an attractive destination for Chinese capital given the maturity of our market, the quality of our asset management sector and reputation as an innovator in sectors such as infrastructure," Luke said.
"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. 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."
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