China readies discretionary asset management

Now a real institutional market can take off in the PeopleÆs Republic.

China Life, Pacific Insurance and Ping An -- three of Chinas biggest life insurance companies -- are preparing to become the mainlands first institutional investors in mutual funds managed for them on a discretionary basis by domestic fund managers.

To date, institutional investors -- insurance companies and the pension funds of state-owned enterprises -- have been allowed to invest in pooled mutual funds. But given their size, they have long wanted the opportunity to...

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