China Life Franklin Asset Management opens for business

Hong Kong-based China Life Franklin Asset Management Company, the joint venture company established by Franklin Templeton Investments and China Life Group, has officially opened for business, after receiving preliminary approval in January 2007 from the China Insurance Regulatory Commission and the Hong Kong Securities and Futures Commission.

The joint venture is 50% owned by China Life Insurance Asset Management Company, while affiliate China Life Insurance (Overseas) Company. has a 24% stake. The remaining 26% is held by Franklin Templeton Strategic Investments, a unit of Franklin Templeton Investments. Initially, the jointly-owned asset management company will be responsible for managing China Life Group's non-renminbi overseas assets. In the long-term, the joint venture aims to provide similar high-quality investment management and advisory services to Chinese institutional investors. Zhao Wei, CEO of the joint venture, said: The establishment of this strategic partnership between China Life and Franklin Templeton represents a historic opportunity for our two companies, bringing together our respective expertise in insurance and asset management for the benefit of our investors and policyholders. We look forward to a long and fruitful relationship.